2023 (4) TMI 456

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....in short] relevant to the assessment year 2012-13. 2. The ld. Counsel for the assessee has not pressed ground Nos. 1 to 18.1 and accordingly, the above grounds are dismissed as not pressed. 3. The only issue raised for adjudication in Ground Nos. 19 to 28 is with respect to transfer pricing adjustment in relation to import of fixed assets. 4. The assessee has imported following fixed assets from assessee's Associated Enterprises [AE]: i. Flextronics Manufacturing Mex S.A. de C.V., Mexico ii. Flextronics International KFT, Hungary iii. Flextronics International Poland SP iv. Power System Technologies (Shenzhen) Co Ltd. v. Power System Technologies Co Ltd, Hong Kong vi. Flextronics Manufacturing Juarez S De R L De, Chihuah....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sets. Subsequently, by following the TPO order, the Assessing Officer passed draft assessment order dated 22.03.2016. 5. Against the draft assessment order passed by the Assessing Officer, the assessee carried the matter in appeal before the ld. DRP. The ld. DRP, vide order dated 07.10.2016 confirmed the draft assessment order by observing that the asset purchase is an international transaction and the correctness of the purchase cost has to be determined as per the provisions of the Act. However, in the absence of evidence/documents maintained by the assessee, the TPO does not have any alternative but to presume the cost at NIL. No further evidence/document has been brought on record before the DRP also and therefore, the ld. DRP rejected....