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9. without prejudice to the above, erred in not taking cognizance of Appellants contention that there will be no transfer pricing adjustment in case of import of raw material (i.e. monomers) based on comparison with market prices published by ]CIS, in case the value of adjustment for each raw materials imported is aggregated.

Non-consideration of CUP available in the form of market prices published by TIPS database

10. erred in inappropriately rejecting CUP available in case of import of raw materials available on TIPS database (compiled based on customs data), furnished by the Appellant for justifying the arm's length nature of the transaction of import of raw material by stating that TIPS database prices are available for only 85 percent import of raw materials.

Dow Chemical International Pvt. Ltd.

11. without prejudice to the above, erred in not taking cognizance of Appellant's contention that there will be no transfer pricing adjustment in case of import of raw materials (to the extent comparable data is available on TIPS database) based on comparison with market prices published by TIPS database, in case the value of adjustment for each raw materials imported is aggregated.

the issue decided by the Co-ordinate Bench of this Tribunal in assessee's own case in M/s. Rohm and Haas India Pvt. Ltd. v/s ACIT, ITA no.6577/Mum./2018, for the assessment year 2014-15, order dated 25th September 2019, wherein the issue has been decided in favour of the assessee and against the Revenue. For better appreciation of facts, the relevant findings of the Tribunal are reproduce below:-

"13.8. We have heard rival submissions. Before us, the assessee filed additional evidence in the form of datawise comparison of export prices and market prices using TIPS Data Base under CUP method using aggregation / portfolio approach for 94.23% of the total exports made to AE's and pleaded for acceptance of the same. This was filed in addition to vehemently objecting to the adoption of TNMM as MAM. The ld. AR on without prejudice basis, vide letter dated 08/02/2019 also submitted that even if TNMM is to be adopted as MAM, the assessee segmental results pertaining to export of finished goods is required to be considered for benchmarking the international transaction of export of finished goods wherein assessee has earned operating margin of 25.14% on operating cost. Accordingly, the operating margin earned by the assessee in respect of export to AEs was higher than the arithmetic mean of the operating margin earned by comparable companies selected in TP study (i.e. 2.55% companies selected by the ld. TPO for computing disallowance i.e. 17.86%, additional companies selected by the ld. TPO from emulsions companies i.e. 10.78%) 13.9. Per contra ld. DR vehemently objected to the admission of additional evidences filed before this Tribunal and reiterated the findings of the ld. DRP. We have already held in A.Y.2010-11 that additional evidences filed by the assessee for import of raw materials using TIPS Data Base under CUP method is to be admitted as it covers majority of the international transactions carried out by the assessee. In the instant case in respect of export of finished goods, the comparable data using TIPS Data Base under CUP method covers 94.23% as stated by the ld. AR of the total value of the transactions. However, since this data requires factual examination of comparable prices by the ld. TPO, we deem it fit and appropriate to remand this issue to the file of Dow Chemical International Pvt. Ltd.

11. erred in not taking cognizance of Appellant's contention that there will be no transfer pricing adjustment in case of import of raw material (i.e. monomers) (61.85 percent) based on comparison with market prices published by lCIS, in case the value of adjustment for each raw materials imported is aggregated.

Non-consideration of CUP available in the form of market prices published by TIPS database

12. erred in inappropriately rejecting CUP available in case of import of raw materials available on TIPS database (compiled based on customs data), furnished by the Appellant for justifying the arms length nature of the transaction of import of raw material by stating that TIPS database prices are available for only approximately 86 percent import of raw materials.