The Tribunal held that the assessee had made periodical payment to its associated enterprises in the guise of managerial fee without any justification therefor. Such payment of fees had to be examined qua the evidence without going into the aspect of the operating margin of the assessee and the transfer pricing study conducted for that purpose. There was no error in the reasons given by the Transfer Pricing Officer and the Dispute Resolution Panel in making a transfer pricing adjustment for the assessee’s payment of managerial service fees to the associated enterprises. (AY. 2012-13, 2013-14)