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TMI Blog2021 (2) TMI 579X X X X Extracts X X X X X X X X Extracts X X X X ..... ire activities involving the twin entities' gross transactions. We quote CIT Vs. Firestone International [P.] Ltd. [ 2015 (6) TMI 1123 - BOMBAY HIGH COURT] and restore the instant issue of the correct arm's length price of the assessee's international transactions with its A.Es. which deserves to be adjudicated afresh keeping in mind the said international transactions between them only. It is made abundantly clear before parting that there is no other dispute between the parties regarding the method adopted as well the book results before us. As already indicated in the preceding paragraph, the clinching issue of the entity level or International transaction level's gross receipts/incomes pertaining to this issue s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its appeal ITA 57/Hyd/2016:- 1. The Ld. DRP erred in law and on facts of the case: 2. The Ld. DRP erred in deleting the amount of ₹ 5.63 crores made by way of adjustment u/s. 92CA of the Act. 3. The Ld. DRP erred in stating that profit earned on the whole as a result of linear agency services is ₹ 10.42 crores as against ₹ 26.73 crores. 4. Any other ground(s) that may be urged at the time of hearing. 3. Both the learned representatives took us to the Dispute Resolution Panel's [DRP] directions dated 02.11.2015 under challenge, which read as follows:- 3. During the course of hearing the AR submitted that Seaways Snipping Logistics Ltd. is a 100% Holding company of Maxicon Container Line P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crores as agency commission. 3.2 It was also submitted that the revenue generated in India is accounted in Singapore correctly at ₹ 73.60 cr. as for the operations cost only ₹ 46.87 cr. incurred in India is taken while the costs are also incurred in Singapore. There are establishment costs, operations cost, finance cost, depreciations costs etc. are all included in the profit and loss statement of Maxicon Container Line Pte. Ltd. Singapore. Thus if we take all the costs into account the total profit before agency commission works out to ₹ 10.82 cr. As stated at point 4 above. 4. Having considered the submissions, it is noticed by us that the TPO has incorrectly applied the profit split method, which is evident f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... foregoing rival pleadings pertaining to the sole issue of aggregate figure to be adopted between the assessee and its overseas associate enterprise(s) pertaining to the international transactions in the nature of container line income/container line expenses, reimbursement of expenses paid, liner agency services, slot hire income slot expenses totaling to ₹ 19,60,49,865/- disclosed in Form 3-CEB report. We notice that neither the TPO's order dated 29.01.2015 nor the DRP's above extracted directions under challenge have specified as to whether they have adopted cost/revenues of the international transactions in issue only or that of the entire activities involving the twin entities' gross transactions. We quote CIT Vs. Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) ought to have provided proper opportunity to the appellant before deciding the appeal; 3) The learned CIT(A) erred in rejecting the petition for condonation of delay in filing the appeal without considering the fact that the appellant was prevented by sufficient reason in not filing the appeal within the time. 4) The learned CIT(A) ought to have considered the merits and decided the grounds of appeal 5) The CIT(A) erred in not considering the various grounds raised before him 6) The learned CIT(A) erred in not considering the grounds against the addition made by the Assessing Officer of ₹ 8,25,26,416/- being the addition by virtue of order u/s. 92CA; ₹ 94,39,321/- made by disallowance on account of sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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