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ITAT ruled that the attribution of additional income to the assessee's project office (PE) in India was improper. The Tribunal determined that transactions between the Italian headquarters and Indian PE qualified as international transactions subject to transfer pricing regulations. The AO erroneously attributed 50% of total receipts to the PE without conducting proper Functional, Asset and Risk (FAR) analysis or referring the matter to the Transfer Pricing Officer. The Tribunal noted that major functions and risks were assumed in Italy, and the assessee had already conducted a transfer pricing study demonstrating arm's length allocation. Following Article 7 principles that treat PE as a distinct enterprise, ITAT held that no further attribution beyond the assessee's allocation was required, as transfer pricing principles had been properly applied.
ITAT ruled that the attribution of additional income to the assessee's project office (PE) in India was improper. The Tribunal determined that transactions between the Italian headquarters and Indian PE qualified as international transactions subject to transfer pricing regulations. The AO erroneously attributed 50% of total receipts to the PE without conducting proper Functional, Asset and Risk (FAR) analysis or referring the matter to the Transfer Pricing Officer. The Tribunal noted that major functions and risks were assumed in Italy, and the assessee had already conducted a transfer pricing study demonstrating arm's length allocation. Following Article 7 principles that treat PE as a distinct enterprise, ITAT held that no further attribution beyond the assessee's allocation was required, as transfer pricing principles had been properly applied.
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