TPO/AO cannot apply wrong method in absence of audited financials of AE

Olympus Medical Systems India Pvt. Ltd. Vs DCIT (ITAT Delhi) Conclusion: TPO/AO cannot apply wrong method in the absence of material ie: audited financials of AE. More so, TPO/AO cannot even give the benefit as well to assessee for non co­operation for providing the audited financials of AE. Held: Assessee company was a wholly owned subsidiary of Olympus Corp and was engaged in import and resale of medical equipments. In addition, assessee was also engaged in installation, repair and maintenance of these equipments in India. Assessee had undertaken Advertisement, Marketing and Promotion of th...