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R.P.TOLANI, SHAMIM YAHYA
Adobe Systems India (P. ) Ltd. – Appellant
Versus
Additional Commissioner of Income-tax, Noida Range – Respondent
Shamim Yahya, Accountant Member. - This appeal by the Assessee is directed against the order of the Ld. Commissioner of Income-tax (Appeals) dated 5-10-2010 and pertains to assessment year 2006-07.
2. The effective issue raised is that Ld. Commissioner of Income-tax (Appeals) erred in passing the assessment order under section 143(3) read with section 144C of the Income-tax Act. It has been urged that Assessing Officer/DRP has erred in making the addition of Rs. 10,40,75,727 to the income of the assessee on account of adjustment in the Arms Length Price of international transaction entered by the assessee with associated enterprise. It has been urged that TPO/Assessing Officer has erred by accepting companies earning super normal profits.
3. The brief facts of the case are that the assessee Adobe Systems India Private Limited (hereinafter called Adobe India or the Assessee) is a wholly and subsidiary of Adobe Systems Inc., USA. It is engaged in providing software development services and marketing support services to its associated enterprises. The TPO in this case noted that the assessee company is showing OP/Cost Margin of 14.96 per cent which he considered to be quite low, as
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