9911796707
TMI Blog2024 (7) TMI 83X X X X Extracts X X X X X X X X Extracts X X X X ..... ) r.w.s.143(3A) & 143(3B) of the Income Tax Act,1961 (for short "the Act"), assessee filed this appeal. 2. It could be seen from the record that there is a delay of 129 days in preferring this appeal and the reason attributed for the delay in filing the appeal to the pandemic. As a matter of fact, though the learned DR does not concede to condone the delay, there is no denial of the fact that the Hon'ble Supreme Court in the Suo Motu proceedings in the case of M.A.No. 21/2022 in M.A.No. 665/2021 in SMW(C) No.3 of 2020 by order dated 10/01/2022 held that in cases, where the limitation would have expired during the period between 15/03/2020 and 28/02/2022, notwithstanding the actual balance period of limitation remaining, all persons sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee has to be rejected and the adjustment proposed by the learned TPO has to be confirmed. Pursuant there to, the learned Assessing Officer passed the final assessment order on 26/03/2021. 5. It is the argument of the learned AR that as compared to the turnover of the assessee at Rs. 25.40 crores, the turnover of Infosys BPM Ltd., is Rs. 53,983 crores, L&T Infotech Ltd., Rs. 5,568.50 crores and Tata Elxsi Ltd., SDS Segment Rs. 1008.17 crores, respectively. 6. Basing on the decision of the Hon'ble Bombay High Court in the case of CIT vs. M/s. Pentair Water India Pvt. Ltd. (2016) 69 taxmann.com 180 followed in the case of Obopay Mobile Technology India Private Limited [TS-20-ITAT-2016 (Bang)-TP] for the assessment year 2010-11, PCIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered these contentions in the light of the decided case law. Insofar as the turnover filter is concerned, Hon'ble Delhi High Court in the case of Chryscapital Investment Advisors (India) (P.) Ltd. (supra), held that huge profit or a huge turnover, ipso facto does not lead to its exclusion; whereas in the case of Pentair Water India Pvt. Ltd. (supra), the Hon'ble Bombay High Court held that turnover is a relevant criteria for choosing companies as comparables in determining the ALP in Transfer Pricing cases. Hon'ble Karnataka High Court, however, in the case of Obopay Mobile Technology (supra), having noticed the view taken by the Hon'ble Delhi High Court in the case Chryscapital Investment Advisors (India) (P.) Ltd. (supra), and also ..... X X X X Extracts X X X X X X X X Extracts X X X X
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