Merely because assessee incurred a loss on onshore activities it cannot be said that price was deliberately low to avoid taxability

Merely because assessee incurred a loss on onshore activities it cannot be said that price was deliberately kept at a lower amount to avoid taxability in India In the present case, the assessee has stated that all the activities of the assessee company, i.e. onshore as also offshore, resulted in huge losses due to inordinate delays in the project. The assessee has also filed audited accounts of its Indian projects, including in respect of offshore supplies, which show losses in both segments – onshore as also offshore. The Dispute Resolution Panel has taken note of this submission, by observ...