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IN THE INCOME TAX APPELLATE TRIBUNAL,

MUMBAI BENCHES “K”, MUMBAI

BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND

SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER

ITA No.4873/M/2025

Assessment Year: 2012-13

(Physical hearing)

Dy. Commissioner of Income Tax, BP India Pvt. Ltd.

Room No.535, Aayakar Bhavan, PB No. 19411, Technopolis

Vs.

Mumbai – 400020. Knowledge Park, Andheri,

Mumbai- 400043.

PAN No. – AACCB2020Q

(Appellant) (Respondent)

C.O. No. 277/M/2025 in ITA No.4873/M/2025

Assessment Year: 2012-13

BP India Pvt. Ltd. Dy. Commissioner of Income

PB No. 19411, Technopolis Tax

Knowledge Park, Andheri, Vs. Room No.535, Aayakar Bhavan,

Mumbai- 400043. Mumbai – 400020.

PAN No. – AACCB2020Q

(Appellant) (Respondent)

Present for:

Assessee by : Ms. Chandni Shah/ Mr. Amol

Mahajan & Ms. Nidhi Agarwal.

Revenue by : Shri Bhagirath Ramawat (SR. D.R.)

Date of Hearing : 11.12.2025

Date of Pronouncement : 31.12.2025

O R D E R

Per : Pawan Singh, Judicial Member:

1. This appeal by Revenue and Cross-Objection (CO) by Assessee are directed

against the order of Ld. CIT (A) 55 Mumbai dated 13.05.2025 for AY 2012-

2013. The Revenue has raised following grounds:-

“1. "Whether on the fact and circumstances of the case and in law, the Ld. CIT(A) is

erred in not appreciating the selection of functionally similar comparables Le. Excel

Infoways Limited as that of the assessee and making the adjustment by the Ld.TPO

based on the TNMM Method."

ITA No.4873/M/2025 &

C.O. No. 277/M/2025

BP India Pvt. Ltd.

2. "Whether on the fact and circumstances of the case and in law, the Ld. CIT(A) is

erred in not appreciating the exclusion of functionally dis-similar comparables ie.

Jindal Intelicom Ltd as that of the assessee and making the adjustment by the Ld.

TPO based on the TNMM Method."

3. "Whether on the fact and circumstances of the case and in law, the Ld. CIT(A) is

erred by relying on the stand of the Hon'ble ITAT in assessee's own case in AY 2008-

09, 2009-10 and 2010-11, without appreciating the fact that each year's transfer

pricing proceeding is distinct and based on the facts and circumstances on that year

only."

2. On service of appeal by Assessee has filed its cross-objection by raising

following grounds of appeal:-

“On the facts and in the circumstances of the case and in law, the Learned Transfer

Pricing Officer (Ld. TPO)/ Assessing Officer ('AO') made a TP adjustment to the arm's

length price ('ALP') of the Assessee's international transaction.

While making the TP adjustment, the Ld. TPO/AO erred in:

1.1. rejecting the economic analysis undertaken by the Assessee in the transfer

pricing study report (TPSR) and disregarding the submissions made by the

Assessee.

1.2. disregarding certain quantitative filters applied by the Assessee while selecting

the comparables and applying certain additional filters.

1.3. including certain functionally dissimilar companies in the final set of

comparables for computing the arm's length price.

1.4. excluding certain functionally similar companies in the final set of comparables

for computing the arm's length price.

1.5. disregarding the provisions of Rules 10B(2) and (3) read with Rule 10C of the

Income-tax Rules, 1962 (the Rules")

1.6. not allowing the working capital adjustment to eliminate the differences on

account of varying working capital position between the Assessee and the

comparable companies, and

1.7. not allowing the risk adjustment to account for the differences in the risk

profile between the Assessee and the comparable companies

1.8. not allowing the use of multiple year data of comparable companies, as

prescribed under Rule 10B(4) of the Rules and determining the arm's length price

on the basis of financial information for the FY 2011-12, which was unavailable in

the public domain at the time of determination of the arm's-length price.

The Assessee prays that the relief granted by the Ld. CIT(A) be granted and the

adjustment made by the Ld. TPO/AO be deleted.

2

ITA No.4873/M/2025 &

C.O. No. 277/M/2025

BP India Pvt. Ltd.

2. On the facts and in the circumstances of t