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2024 (6) TMI 466 - AT - Income TaxTP Adjustment - Adjustment on account of foreign exchange fluctuation gains and engineering services segment - selection of MAM - assessee applied Transactional Net Margin Method (TNMM) as the most appropriate method while TPO applied RPM - HELD THAT - DRP vide directions granted part relief to the assessee. The Assessing Officer passed the impugned order in accordance with the directions of the DRP. No material to controvert the findings of the Assessing Officer or the order of Transfer Pricing Officer is furnished before the Tribunal. Thus, we uphold the impugned assessment order and dismiss appeal of the assessee.
Issues involved: Appeal against assessment order u/s 143(3) r.w.s 144C(6) for AY 2014-15, Transfer Pricing adjustments in trading and engineering service segments.
Issue 1: Adjourning of appeal The appeal was repeatedly adjourned due to various reasons such as requests from the counsel for the assessee, non-functioning of the bench, and the Covid-19 pandemic. Despite repeated notices and attempts to contact the assessee, no appearance was made to represent the assessee. The conduct of the assessee indicated a lack of interest in pursuing the appeal, leading to the hearing proceeding with the assistance of the ld. DR and based on the documents already on record. Issue 2: Transfer Pricing adjustments The assessee, a subsidiary of Abengoa S.A, engaged in providing engineering & construction services, raised grounds against the assessment order and DRP directions regarding foreign exchange fluctuation gains and Transfer Pricing adjustments in the engineering services segment. The TPO had rejected the Transactional Net Margin Method (TNMM) in the trading segment and made adjustments in the engineering services segment, reallocating indirect expenses from the trading segment. The DRP granted partial relief, and as no material was presented to challenge the findings of the Assessing Officer or the Transfer Pricing Officer, the Tribunal upheld the assessment order and dismissed the appeal of the assessee. In conclusion, the appeal against the assessment order for AY 2014-15 was dismissed by the Tribunal due to the lack of interest shown by the assessee in pursuing the appeal and the upheld Transfer Pricing adjustments in the engineering services segment.
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