9911796707
TMI Blog2014 (1) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... rg,JJ. For the Petitioner : Sh. Rohit Tiwari, CA. Ms. Anisha Rilal, CA. For the Respondent : Sh. Peeyush Jain, CIT. DR ORDER Per R. S. Syal, AM. This appeal by the assessee is directed against the order passed by the Assessing Officer pursuant to the direction by the Dispute Resolution Panel (DRP) in relation to the Assessment Year 2008-09. 2. The first issue agitated by the ld. AR is against the calculation of working capital adjustment by the Transfer Pricing Officer (TPO) in the original order dated 25.10.2011 as well as subsequent two rectification orders passed u/s 154 on 4.3.2013 (hereinafter called the first rectification order) and 30.10.2013 (hereinafter called the second rectification order) respectively. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der: 2. Assessee has given computation of working capital adjustment where in mean margins of the comparables is revised to (7.67%) from 25.89% after allowing working capital adjustment. That means a difference of 33.56%. By no stretch of imagination, this adjustment claim of 33.56% can be called reasonable and reliable adjustment, when the result is conversion of mean margin of comparables from a profit of 25.89% to a loss of 7.67%." 4. The claim of the ld. AR before us is that the TPO went wrong in not giving effect to the correct figure of `Trade receivables' while calculating the figure of working capital adjustment. 5. We have heard the rival submissions and perused the relevant material on record. There is no dispute about the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee's Balance sheet as at the end of the year in question, a copy of which is available in the paper book. Ex facie, it appears that the amount of `Trader receivables' is Nil. The ld. DR contended that the TPO seems to have taken some figure from 'Loans and advances' appearing in the balance sheet. We have perused Schedule of Loans and advances and also the Current asset, which is available in the paper book. A first look at such Schedule prima facie shows that there is no figure of `Trader receivables' under the Current assets but there are certain Loans and advances receivable in cash to the tune of Rs.61169228/-. A Note is appended to this Schedule stating that this amount is due from Genpact India, a company under the same mana ..... X X X X Extracts X X X X X X X X Extracts X X X X
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