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TMI Blog2015 (3) TMI 237X X X X Extracts X X X X X X X X Extracts X X X X ..... ion vide letter dated 30th July 2010, before the Assessing Officer as well as before the Transfer Pricing Officer. The statement explaining the self–adjustments done by the company was also furnished which has been reproduced by the Transfer Pricing Officer in his order. The assessee has also complied with all the notices sent by the Transfer Pricing Officer which is evident from the Transfer Pricing Officer’s order where it is mentioned that the assessee has attended from time–to–time in respect to the notice and also submitted clarification and documents. The learned Commissioner (Appeals) has also examined the requirement of each and every clauses of rule 10D, and has come to the conclusion that clause by clause documentation require ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cing report and audit report in Form no.3CEB. Based on the Form no.3CEB, the Assessing Officer made a reference to the Transfer Pricing Officer had under section 92CA(1) to determine the arm's length price in relation to the international transaction entered with the A.E. In the audit report, in form no.3CEB, the assessee has suo-motu made an adjustment of ₹ 4.02 crores which has been offered in computation of income filed by the assessee along with return of the income as a separate item of transfer pricing adjustment disallowance . As against this, the Transfer Pricing Officer suggested transfer pricing adjustment of ₹ 7,45,05,541 to the total income. While passing the order under section 92CA(3), the Transfer Pricing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on for levying penalty under section 271AA. It was further submitted on this score that the charge of the Assessing Officer is completely vague and unclear and no satisfaction has been recorded as to which of the provision of rule-10D has been violated. The assessee s detail submissions have been incorporated from Page-5 to 19 of the appellate order. Thereafter, the learned Commissioner (Appeals) has analysed each and every part of the explanation of the assessee vis-a-vis the finding of the Transfer Pricing Officer in the transfer pricing order as well as the compliance made by the assessee in respect to each and every clause of rule 10D. The detail finding of the learned Commissioner (Appeals) has been enumerated in Page-19 to 25 of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and how such bench marking has been done after following the most appropriate method. The assessee had submitted its transfer pricing documentation vide letter dated 30th July 2010, before the Assessing Officer as well as before the Transfer Pricing Officer. The statement explaining the self-adjustments done by the company was also furnished which has been reproduced by the Transfer Pricing Officer in his order. The assessee has also complied with all the notices sent by the Transfer Pricing Officer which is evident from the Transfer Pricing Officer s order where it is mentioned that the assessee has attended from time-to-time in respect to the notice and also submitted clarification and documents. Such an observation of the Transfer Pricin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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