Agency commission rightly marked as NIL on failure to produce evidence regarding rending service by AE

Intimate Fashions (India) Pvt Ltd Vs DCIT (ITAT Chennai) ITAT Chennai held that assessee failed furnish any evidences to prove that there are negotiations between assessee and AEs with regard to marketing strategy, sales targets, credit period, etc. Accordingly, TPO/AO has rightly bench marked payment of agency commission as ‘nil’. Facts- The assessee, M/s.Intimate Fashions India Pvt. Ltd., (M/s.IFIPL) is a joint venture between M/s.MAS Capital Pvt. Ltd., Sri Lanka (M/s.MAS, Sri Lanka), M/s.Triumph International Overseas Ltd., Liechtenstein (M/s.Triumph) and M/s.Mast Industries Inc., USA (...