TaxTMI 
TaxTMI 
2026 (7) TMI 188
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....P) dated 19.02.2024 for Assessment Year (AY) 2021-22. The assessee has raised following grounds of appeal: "General On the facts and in the circumstances of the case and in law, the learned Transfer Pricing Officer ('TPO") and the learned Assessing Officer ('AO') under the directions of the Hon'ble Dispute Resolution Panel ('DRP') erred in making an adjustment of Rs. 83,05,130 (with respect to transaction of availing of business-related support services) under Chapter X of the Income-tax Act, 1961 ('the Act') under other provisions of the Act. Legal 2. On the facts and the circumstances of the case and in law, the Id. AO has erred in issuing the final assessment order dated....
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.... in the circumstances of the case and in law, the learned TPO, the AO and the Hon'ble DRP have erred in adopting an ad-hoc and arbitrary approach in treating certain items such as grant/income/rebate on account of job support scheme, property tax and rental rebate (depreciation on right to use assets disposed during the year) as non-operating in nature and adopting an inconsistent approach for the purpose of cost-allocation, without understanding the underlying facts and disregarding the documentation/submissions made by the Appellant. 7. On facts and in the circumstances of the case and in law, the learned TPO, the AO and the Hon'ble DRP have erred by failing to adhere to the principle of consistency. The facts of the impu....
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.... registered stock broker, portfolio manager and depository participant. The assessee is engaged in the business of providing non-binding investment advisory services, equity broking, private wealth management etc. The assessee filed its return of income for A.Y. 2021-22 on 14.03.2022 declaring income of Rs. 35,30,370/-. The assessee while filing return of income furnished Form 3CEB reporting certain international transaction with its Associated Enterprises (AE) that is Ambit Singapore and Ambit America. Consequent upon reporting of international transaction, the AO made reference to TPO for computation of Arm's Length Price (ALP). The TPO in para 6 of his order noted that assessee has reported international transaction for availing business....
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....ients is a must. All direct and indirect cost relating to said representatives were borne by assessee at a cost plus mark up of 5.00%. The two representatives were providing support services to assessee which includes distribute research reports to Asian Institutional clients including arranging for access to the research analysts, Indian corporations, industry and sector experts for the Asian Institutional clients through conference calls, road shows, conferences sponsored by ACPL under an approved arrangement. Perform know-your-customer (KYC) client due diligence and anti-money laundering checks for prospective Asian Institutional Clients in accordance with the applicable laws. Act as a co-ordinator for placing trades in Indian securities....
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....Representative (ld. Sr. DR) for the Revenue submits that the submission of ld. AR that consistency to be applied only where the facts are similar whole dispute is about rent of leased asset. The assessee has shown only notional expenditure which were not actually incurred. The ld. Sr. DR for the Revenue submits that he fully supports the order of TPO and DRP. 4. We have considered the rival submissions of both the parties and have gone through the orders of lower authorities carefully. We find that assessee while reporting international transaction with associated enterprises (AE) that is Ambit Singapore submitted that in order to promote institutional client's business in Singapore, Ambit Capital has appointed two full time representati....
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....ed to said services is to be compensated along with mark-up of 5.00%. The assessee selected 31 comparable companies having mean margin of 4.79% to 9.30%. The TPO by applying the same methodology has applied for Ambit Singapore suggested adjustment of Rs. 71,53,666/- as per his working on page no. 17 of his order. The DRP confirmed the action of TPO. 5. We find that similar transaction was reported in A.Y. 2016-17 and 2017-18, despite making reference to TPO, no adjustment was suggested, copies of orders of TPO for A.Y. 2016-17 and 2017-18 is available on record. We find that in the year under consideration, TPO has disregarded the TNMM without bringing comparable uncontrolled transaction as mandated by rule 10AB. The TPO has suggested ad....