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TMI Blog2023 (4) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... idered opinion that the TPO has rightly came to a conclusion that the ALP of the old machineries at NIL, which was confirmed by the ld. DRP. We find no infirmity in the order passed by the ld. DRP/Assessing Officer. Accordingly, the ground raised by the assessee is dismissed. - I.T.A. No.322/Chny/2017 - - - Dated:- 13-1-2023 - Shri V. Durga Rao, Judicial Member Shri Manoj Kumar Aggarwal, Accountant Member For the Appellant : Shri Ajit Kumar Jain, C.A. For the Respondent : Dr. S. Palanikumar, CIT ORDER PER V. DURGA RAO, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the assessment order passed under section 143(3) r.w.s. 144C (13) of the Income Tax Act, 1961[ Act in short] relevan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the international transaction on which ALP ought to have been established. Further, the depreciation does not justify the correctness of the purchase cost. The assessee was required to demonstrate the ALP of the asset purchased from AE through either competitive quotes/ in case of purchase and transfer with the invoices and in case of transfer of used assets through the transfer value. The assessee has not filed any details before the TPO in respect of purchase value of the asset originally purchased by the AE, how long they have used, what is the cost of the asset after using, etc, were not filed before the TPO. Therefore, the TPO has adopted purchase cost at NIL and accordingly, suggested TP adjustment of ₹.1.15 crores towards purc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he purchase cost of the asset at ₹.1.15 crores has not been routed through profit and loss account and only depreciation has been claimed and therefore, no adjustment can be made. 8. On the other hand, the ld. DR has submitted that the assessee has imported second hand machineries and details of purchase by the AE, details in respect of utilization of fixed assets by AE, invoices/bills, etc. were not produced. Therefore, the TPO correctly came to a conclusion that the cost of the asset i.e., 2nd hand machineries at NIL and strongly supported the orders of authorities below. 9. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below including paper book filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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