2026 (9) TMI 680

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....Panel (DRP) - 2, Mumbai dated 29.10.2025. The assessee has raised following grounds of appeal: 1:0 Final order barred by limitation 1: 1 The Appellant submits that considering the facts and circumstances of its case and the law prevailing on the subject, the impugned Order dated 11 November 2025 passed u/s. 143(3) r.w.s. 144C(3) read with section 144B of of the Income-tax Act, 1961 is ab-initio void being barred by limitation u/s 153 r.w.s 144C and hence, ought to be struck down. Without prejudice to the above, 2:0 Transfer Pricing Adjustment of INR 20196183,693 to the interr1ational transaction relating to export of goods 2:1 The learned Assessing Officer (''AO")/ Transfer Pricing Office....

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....otal income and tax liability accordingly. 3:0 General 3:1 The Appellant submits that considering the facts and circumstances of its case, the learned AO has erred in initiating penalty proceedings under section 270A of the Act. 3:2 The Appellant craves leave to add, alter, amend and/or substitute and/or modify in any manner whatsoever modify all or any of the foregoing grounds of appeal at or before the hearing of the appeal." 2. Rival submissions of both the parties have been heard and record perused. The learned Authorised Representative (ld. AR) of the assessee submits that assessee is in the business of Natural APIs and Novel Delivery Systems for Nutrients and Active Ingredients. The assessee is having int....

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....there is no change in the fact or law. The decision of Tribunal in A.Y. 2012-13 and 2013-14 has been followed in A.Y. 2014-15 in ITA No. 7284/M/2018 and further in A.Y. 2016-17 in ITA No. 1224/M/2021. The Tribunal in its order in ITA No. 1224/M/2021 for A.Y. 2016-17 has held that TNMM is the most appropriate method and no transfer pricing adjustment would be warranted on such transaction. Further, on similar set of fact, the case of A.Y. 2017-18 was restored back to the file of AO / TPO vide ITA No. 748/M/2022 in M.A. No. 587/M/2023 and the TPO in order giving effect has revised the transfer pricing adjustment to Nil in his order dated 28.03.2025. Similar order was followed in A.Y. 2020-21 in ITA No. 4675/M/2024 wherein the matter was set a....