INVITROGEN BIOSERVICES INDIA PRIVATE LIMITED,BANGALORE vs. DCIT, BANGALORE

4) That the Ld. TPO and the 14. Panel erred in not recttjing the operating margin computation of one of the comparable namely GVK Biosciences Ltd. though the correct computation and financial statements of the comparables was placed on record before the DRP. The Learned Transfer Pricing Officer ('Ld. TPO) has erred in computing the margin of 0 VK Biosciences Ltd. through a miniscule error which is a clear mistake apparent from record. The Appellant had filed a rectification petition u/s 154 before the Ld. TPO (Refer Page 101-103 of the paper book) but his good office had arbitrarily rejected the rectification application. Through this letter, the Appellant is submitting the comparison of the margin as computed by the Ld. TPO uis-â-vis the correct margin.

The Ld.AR placed reliance on page 431 of the paper book to prove that a wrong figure has entered into the computation carried out by Ld.AO for ascertaining the income taxable in the hands of the assessee. He submitted that rectification application dated 02/12/2014 is pending on the same before the Ld.AO which is not yet been disposed off. 3. Admittedly, both sides submitted that the issue needs to be remanded to the Ld. AO.

We have perused submissions advanced by both sides in light of records placed before us. We note that there is a difference in the figure considered by the Ld. AO for computing the income in the hands of assessee. We direct assessee to file all relevant details before the Ld. AO in support of its claim. The Ld. AO shall verify the details and dispose of the petition filed u/s 154 which is long pending since 2014. Accordingly this ground raised by assessee stands allowed for statistical purposes.

Nothing has been argued by assessee in respect of the other grounds and accordingly they are dismissed. In the result appeal filed by assessee stands allowed partly for statistical purposes. Order pronounced in the open court on 15th April, 2021 Sd/- Sd/- (CHANDRA POOJARI) (BEENA PILLAI) Accountant Member Judicial Member Bangalore, Dated, the 15th April, 2021. /Vms/ Copy to: 1. Appellant 2. Respondent 3. CIT 4. CIT(A) 5. DR, ITAT, Bangalore 6. Guard file By order