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TMI Blog2023 (11) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... ealing with the issue relating to the segregation of certain international transactions from the manufacturing process and applying Comparable Uncontrolled Price (CUP) and other methods as against the Transactional Net Margin Method (TNMM), the Bench referred to the order dated 17/04/2015 in ITA Nos. 471/Hyd/2014 (order dated 17/04/2015) in the first round of litigation, whereby the matter was remanded to the file of the learned Transfer Pricing Officer (learned TPO), to re-consider the entire matter afresh by determining the Most Appropriate Method (MAM) and then to analyse the transaction under the provisions of the transfer pricing; whereas in the second round of litigation, the Bench took a specific view by order dated 24/09/2021 in ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pt in in not noticing the order dated 24/09/2021 and not noticing the view taken by a Co-ordinate Bench of the Tribunal in assessee's own case for an earlier assessment year, constitutes mistake apparent on the face of record. We, therefore, modify the order of the Tribunal and direct that paragraph Nos. 16 onwards thereof shall be substituted by the following paragraphs: 16. In the order dated 24/09/2021, it was observed and held that,- 5. The Revenue vehemently contended that the learned lower authorities have rightly adopted a direct method i.e., CUP which carries precedence over all other indirect methods; including TNMM, as per Serdia Pharmaceutical India Pvt. Ltd Vs. ACIT (2011) 44 SOT 391 (Mum). We find no reason to accept the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both the appeals are allowed in above terms. 18. Insofar as the ground No. 10 in ITA No. 132/Hyd/2022 for the assessment year 2017-18 relating to the benefit under section 80-IA of the Act is concerned, learned AR submitted that on the rectification application filed by the assessee under section 154 of the Act, by order dated 09/05/2022, the learned Assessing Officer reduced the assessed income of the assessee by an amount of Rs. 11,38,15,482/- and, therefore, the grievance of the assessee stands addressed. Accordingly, such a ground is not pressed and hence dismissed. 19. In the result, appeal in ITA No. 249/Hyd/2021 is allowed in terms given in paragraph No. 17 and appeal in ITA No. 132/Hyd/2022 is allowed in part in terms given in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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