2022 (3) TMI 1504

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....s given by Ld. DRP. The grounds urged by the assessee give rise to the following 3 issues:- a) Validity of reopening of assessment u/s 148 of the Act b) Transfer pricing adjustments relating to payment made for services received. c) Transfer pricing adjustment made in respect of loans and advances given to A.E. 2. We heard the parties and perused the record. The assessee is manufacturer and sale of electronic medical equipment. The assessee is a subsidiary of M/s. Mediaid Inc., US. The associated Enterprises (AE) are above said holding company and also one more concern named M/s. Eurocore GMBH, Germany. The assessment of the year under consideration was originally completed u/s 143(3) of the Act on 23.12.2009. ....

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....details of depreciation claimed by the assessee for income tax purposes. The Ld. A.R. submitted that the assessee company has closed its business, since it incurred heavy loss due to heavy damage caused to its Visakhapatnam plant by the Hud Hud Cyclone. He submitted that the financial statements show that the assessee has not charged depreciation on intangible asset in the books of accounts. However, the details of depreciation, if any, claimed for income tax purposes are not readily available. 7. We heard the parties on this issue and perused the record. From the financial statements furnished in the paper book, we notice that the payment of Rs.3,48,17,228/- towards receipt of services has been capitalized by the assessee as "intangible....