ORDER

PER NAVEEN CHANDRA, AM :-

These two captioned appeals by the assessee are directed against the order u/s 143(3) r.w.s 144C(13) of the Income-tax Act, 1961 [the Act, for short] dated 31.03.2023 for A.Y 2020-21 and dated 28.08.2023 for A.Y 2021-22.

ITA No. 1677/DEL/2023 [A.Y 2020-21]

2. Grounds raised by the assessee read as under:

1.That the Ld. Assessing Officer ('AO') erred on facts and in law in assessing the income of the Appellant at Rs. 144,48,50,120/- vide Final Assessment Order dated 31 March 2023 as against the returned income of Rs.27,57,87,110/- declared by the Appellant.

GROUNDS PERTAINING TO MANAGEMENT CONSULTING SERVICES

2.That the Ld. AO/ Dispute Resolution Panel ('DRP') erred on facts and in law in holding that the fee for management consulting services amounting to Rs.49,79,77,135/-received by the Appellant from Bain & Company India Private Limited, its wholly owned subsidiary (hereinafter referred to as 'Bain India') is in the nature of 'Fees for Included Services' ('FIS') under Article 12(4)(a) of the India-USA Double Taxation Avoidance Agreement ('DTAA') without appreciating that management consultancy services are not ancillary or subsidiary to the enjoyment