Assessing Officer Cannot Apply Wrong Method In Absence Of Audited Financials Of AE: Delhi ITAT
The Delhi Bench of the Income Tax Appellate Tribunal consisting of Yogesh Kumar and Dr. B.R.R. Subsequently, a draft assessment order under section 143 read with section 144C of the Income Tax Act was passed, proposing Transfer Pricing Adjustment on the basis of TPO's order. An assessment order was passed under section 143 read with section 144C of the Income Tax Act, assessing the total income of the assessee. After the remand, a fresh reference was made to the TPO to determine the arm's length price under Section 92CA of the Income Tax Act in respect of the international transactions entered into by the assessee company with its associated enterprises during the financial year 2011–12 relevant to the assessment year 2012–13. The department contended that the assessee had not provided the audited financials of the AE to determine the overall profits accruing to the group, and that, under Section 92D of the Act, the assessee was required to keep all of the AE's information and documents.
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