JUDGMENT

T. S. Sivagananam, J. - This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the 'Act' in brevity) is directed against the order dated 16th April, 2019 passed by the Income Tax Appellate Tribunal, 'C' Bench, Kolkata (the 'Tribunal' in short) in ITA Nos.726 & 2361/Kol/2017 for the assessment years 2012-13 and 2013-14.

The revenue has raised the following substantial questions of law :-

(a) Whether the Hon'ble Tribunal has committed substantial error in law in considering a foreign AE as tested party as per Indian Transfer Pricing Regulations?

(b) Whether the Hon'ble Tribunal has committed substantial error in law in considering the segmental accounts which do not from part of the audited financial statements for determination of arm's length price?

(c) Whether the Hon'ble Tribunal has committed substantial error in law in holding intra-group services in the nature of stewardship activities/shareholder activities?

2. We have heard Mr. P.K. Bhowmik, learned standing counsel, assisted by Mr. Soumen Bhattacharjee, learned counsel for the appellant/revenue and Mr. J.P. Khaitan, learned senior standing counsel, assisted by Mr. Anirban Ghosh and Mr. Akhilesh