9911796707
TMI Blog2020 (12) TMI 1363X X X X Extracts X X X X X X X X Extracts X X X X ..... d in law, the A.O./TPO/DRP erred in confirming the upward adjustment of Rs.10.88,57,721/- to the income of the assessee in respect of international transaction of freight receipts and expenses." 3. The assessee before us is a logistic service provider, offering a comprehensive portfolio of international, domestic and specialized freight handling services. The assessee is a part of Agility Group, headed by Agility Holdings Inc. USA which holds 100% shareholding in the assessee company, through it's step down subsidiaries namely Agility Holding Logistics Pte. Ltd. (Singapore), Agility Logistics Ltd. (Hong Kong) and Agility International Logistics Pte. Ltd. (Singapore). 4. Aggrieved, assessee carried the matter in appeal before the TPO/DRP b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment of cost the profits are shared equally between the AEs that have participated in transactions. It was also emphasized that the terms of contract between the group companies with the third parties as well as the assessee remains the same as per which the residual gross profit is shared between the original company and the destination company at 50:50 ratio. In support of such claim, the assessee also furnished all relevant and necessary information and evidences. Further, to corroborate the benchmarking under CUP, the assessee also provided an alternative economic analysis by applying Transactional Net Margin Method (TNMM) with operating profit (OP)/value added expenditure (VAE) as the Profit Level Indicator (PLI). Under TNMM, the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de on account of transfer pricing adjustment in both the assessment years under dispute. 6. We have considered rival submissions and perused the material on record. It is a common point between the learned Counsel appearing on behalf of the parties that the issue in dispute is covered by various decisions of the Tribunal rendered in the preceding assessment years. In this context, the learned Counsel for the assessee has drew our attention to the relevant observations of the Tribunal in the orders passed for the assessment year 2004-05 to 2009-10. On a perusal of the material placed before us, we find that while deciding identical issue in assessee's own case in assessment year 2004-05 in ITA no.2000/ Mum./2010, dated 25th January 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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