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TMI Blog2017 (5) TMI 1636X X X X Extracts X X X X X X X X Extracts X X X X ..... vour of the assessee and dismissed the appeal of the revenue on those issues. After hearing both the sides and perusing the contents of the DRP, we are of the opinion that the order passed by the DRP with reference to the most appropriate accounting method for TP study, is fair and reasonable and same does not call for any interference. Accordingly, the ground raised by the Revenue is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... ncontrolled Price) and made adjustment of ₹ 27,78,020/ - on this account. Similarly, in respect of Import of raw materials, the TPO noted that the Associated Enterprises were paid at the higher rate than the price paid to third parties in case of Import of some of the same products. Accordingly, the TPO applied internal CUP and made adjustment of ₹ 17,43,232/- on this account also. Thus, the Transfer Pricing Officer passed order u/s.92CA(3) of the Income Tax Act, 1961 dated 15-01-2014 wherein an adjustment of ₹ 45,21,252/- was made to the value of international transactions of the assessee company in respect of the international transactions relating to export of finished products of Associated Enterprises. In the light of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pose of benchmarking transactions under CUP method merely on account of similar products sold to AEs to third parties. These rulings are as under: • Intervet India Private Limited Vs ACIT (ITA No.3185/Mum/2006 • ACIT Vs. Dufon Laboratiories (2010-TII-26-ITAT-MUM-TP) • Ranbaxy Laboratories Ltd. Vs. Asstt. CIT (208-TII-01-ITATDEL- TP) • Gharda Chemicals Ltd. Vs. The Deputy Commissioner of Income tax (ITA No.2242/MUM/06) • Schutz Dishman Biotech Pvt. Ltd. Vs. DCIT (ITA No.3590 & 3751/Ahd/2007) • Dresser-Rand India Pvt. Ltd. Vs. ACIT (ITA No.8753/Mum/2010 AY 2006-07) • Aztec Software and Technology (ITAT Bangalore) and MSS India Pvt. Ltd., (ITAT, Pune). • DCIT Vs. Quark Systems (P) Ltd. (I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne in favour of the assessee. In the circumstances, respectfully following the ratio laid down by the Hon'ble ITAT, Pune in the assessee's own case for the earlier assessment years, the assessee's objection is allowed. Accordingly, the Assessing Officer is directed not to make any adjustment with regard to the Export of finished goods and Import of raw materials." 9. From the above, we find in principle the facts are the same. In those years too, Transfer Pricing adjustments were made to the transactions with Associated Enterprises with reference to the Export of goods and Import of the raw materials. Appropriateness of the TNMM method was also the issue in those years. Tribunal decided the issue in favour of the assessee and dismissed t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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