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TMI Blog2018 (3) TMI 1862X X X X Extracts X X X X X X X X Extracts X X X X ..... ditional evidences furnished by the assessee in the form of audited segmental accounts may be vital documents that may be required to adjudicate the issue in judicious matter, particularly in view of the fact that the TPO has changed the methodology altogether to determine the ALP of international transactions. We admit the additional evidences. Since, the issue is required to be examine afresh, as per the plea of learned DR, we restore the issue relating to determination of arm s length price to the file of Assessing Officer/TPO for examining it afresh by duly considering the additional evidences furnished by the assessee. After hearing the assessee, they may take appropriate decision in accordance with the law. TP adjustment required to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al ground, at the time of hearing, learned AR advanced his arguments on the following three issues and submitted that other grounds are academic in nature :- (1) Whether TP adjustment is required to be made at the entity level or only to the transactions entered between associated enterprises. (2) Whether the learned CIT(A) was justified in rejecting the additional evidences filed by the assessee under rule 46A. (3) Claim for deduction of foreign exchange losses arising on revaluation of balance as at the year end. 2. Third issue cited above has been raised by way of additional ground of appeal. 3. The assessee company is engaged in the business of engineering consultancy services and supply of equipments. The assessee has undertake ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) refused to admit the audited segmental accounts and confirmed the addition proposed by TPO. Aggrieved, the assessee has filed this appeal before the Tribunal. 4. Learned AR submitted that the assessee did not have audited segmental accounts when proceedings before TPO were going on. Subsequently, the assessee prepared segmental accounts and got it audited and produced the same before the learned CIT(A). The Learned AR submitted that the Coordinate Bench of the Tribunal in the case of Smt. Avan Gidwani (ITA No. 5138/Mum/2015 dated 6.4.2016) has held that additional evidences are vital documents which are required to be considered in order to adjudicate the issues in judicious manner. It was further held that the principle of "Audi Alter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he learned CIT(A). We notice that the Ld CIT(A) has refused to admit the same for technical reasons. As held by the Coordinate Bench in the case of Smt. Avan Gidwani (supra), the additional evidences furnished by the assessee in the form of audited segmental accounts may be vital documents that may be required to adjudicate the issue in judicious matter, particularly in view of the fact that the TPO has changed the methodology altogether to determine the ALP of international transactions. Accordingly, we admit the additional evidences. Since, the issue is required to be examine afresh, as per the plea of learned DR, we restore the issue relating to determination of arm's length price to the file of Assessing Officer/TPO for examining it afr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Co. Ltd. Vs. CIT (1998) 229 ITR 383 (SC) and also decision rendered by Hon'ble Bombay High Court in the case of Pruthvi Brokers and Shareholders Pvt. Ltd. (2012) 349 ITR 336 and submitted that all facts relating to the claim are available on record and accordingly prayed that the additional ground may be admitted. The Learned AR further submitted that this issue is squarely covered by the decision of Hon'ble Supreme Court in the case of CIT Vs. Woodward Governor India Pvt. Ltd. (2009) 179 Taxman 326. 11. The Learned DR, on the contrary, submitted that this issue should be restored to the file of the Assessing Officer for examining it afresh. The Learned DR submitted that the Assessing Officer may be directed to examine the accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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