TaxTMI 
TaxTMI 
2021 (5) TMI 1096
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....narrating the facts of case submitted that the assessee/appellant is engaged in the business of developing, manufacturing and marketing additive systems for automotive, industrial lubricants and treatment of fuels. The assessee-company is 50:50 Joint Venture between Lubrizol Corporation USA and Indian Oil Corporation Ltd. During the period relevant to the Assessment Year (AY) under appeal, the assessee entered into various international transactions with its Associated Enterprises (AE). The assessee benchmarked its international transactions of export of Chemical Additives to its Associated Enterprises (AEs) by applying Transaction Net Margin Method (TNMM) as the most appropriate method. The Transfer Pricing Officer (TPO) rejected TNMM and ....
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....essee's own case. 2.1 The ld. Counsel submitted that in ground no.3 of appeal, the assessee seeks direction to the AO that interest under section 234C be levied on returned income and not on assessed income. 2.2 The ld. Counsel submitted that the assessee has filed an additional ground of appeal claiming deduction in respect of Education Cess on income tax. To support his contentions, the ld. Counsel placed reliance on following decisions: (i) Sesa Goa Ltd. Vs. JCIT, 117 taxmann.com 96; (ii) Chambal Fertilizers & Chemicals Ltd. Vs. JCIT, 107 taxmann.com 484; and (iii) DCIT Vs. Bajaj Allianz General Insurance Co. Ltd. (ITA No. 1111 and 1112/PUN/2017 for AY 2013-14 & 2014-15 decided on 25.07.2019. 3. Shri S....
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....pute before this Tribunal for AYs 2005-06 to 2007-08, ITA Nos. 8148/Mum/2010, 2305/Mum/2012 & 1821/Mum/2011, common order dated 20/11/2019 wherein the matter was concluded by the co-ordinate bench in assessee's favor in the following manner: - 20. In our considered opinion the aforesaid reasoning fully applies to the facts of the present case. Without any change in facts and law the Transfer Pricing officer has changed the consistently applied TNMM method to the cup method. While doing so he has blandly held that TNMM method is not full proof. Furthermore, the assessee's objection that the comparison of other transactions have to be considered by adjustment of various factors is also not fully dislodged. 21. In the bac....
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....hange in facts therein, which change has to be pointed out in the assessment Order. In so doing the jurisdictional High Court followed the judgment of the Supreme Court in Bharat Sanchar Nigam Ltd. v/s. Union of India reported in [2006] 282 ITR 273 where the court had drawn a distinction between the principle of res judicata and consistency. We find that similar methodology has been accepted by the revenue for AYs 2008-09 & 2011-12. Further, the application of TNMM method has been accepted by the Tribunal for AYs 2005-06 to 2007-08 and no change in facts or circumstances has been demonstrated before us for this year. Therefore, following the rule of consistency and the cited order of Tribunal in assessee's own case, we hold that TN....