9911796707
TMI Blog2014 (3) TMI 954X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee does not have any AE relationship as defined u/s.92A of the Act in the Financial Year 2007-08 with M/s. Oren Hydro Carbon Middle East Incorporation. - This clearly shows that the TPO has not applied his mind to the objection raised by the assessee before proceeding with the determination of ALP - perusal of the orders of the authorities below show that the Assessing Officer has formed his opinion that the assessee has international transactions with its AE on the basis of information available on the website of the assessee and overseas company. The Assessing Officer has not ascertained from documents on record, whether the overseas enterprises is AE of the assessee in the AY under consideration - question whether there is a rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany with whom the assessee had transactions worth more than ₹ 34.00 Crores, therefore, international transactions were with Associated Enterprise [AE]. The TPO vide order dated 31-10-2011, made adjustment of ₹ 3.24 Crores in the ALP of AE. Aggrieved against the order of the TPO passed u/s.92CA of the Act, the assessee filed objections before the Dispute Resolution Panel [DRP]. Apart from other objections on merits, the assessee objected to the findings of Assessing Officer on the issue of AE relationship by merely relying on the information available on the website on the overseas company. However, the DRP rejected the objection raised by the assessee on this ground. The Assessing Officer vide impugned order made the additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee on the issue. The ld.Counsel contended that before proceeding with the issues on merits, it is essential to determine; Whether the assessee had transactions with AE in the AY.2008-09? 4. On the other hand, Shri Anirudh Rai, appearing on behalf of the Revenue vehemently supported the orders of the authorities below and submitted that the issue with regard to the AE relationship was considered by the DRP and after considering the documents submitted by the assessee, the DRP came to the conclusion that there is no merit in the contentions of the assessee and confirmed the findings of the Assessing Officer. 5. We have heard the submissions made by the representatives of both the sides and have examined the orders of the authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out examining the veracity of the claim of the assessee, rejected the objections of the assessee. 7. A perusal of the orders of the authorities below show that the Assessing Officer has formed his opinion that the assessee has international transactions with its AE on the basis of information available on the website of the assessee and overseas company. The Assessing Officer has not ascertained from documents on record, whether the overseas enterprises is AE of the assessee in the AY under consideration. The ld.Counsel for the assessee has admitted the fact that in AY.2009-10, there is a relationship of AE between the two entities. We are of the considered view that the question whether there is a relationship of AE or not in AY.2008-09 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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