Recovery of expenses beyond normal period was in the nature of deemed loan in the hands of AEs and require TP adjustment

Brief of the case In the case of Tecnimont ICB House  vs. DCIT, ITAT has held that Recovery of expenses beyond the normal period was in the nature of deemed loan in the hands of AEs and require transfer pricing adjustment. Facts of the case 1. cnimont ICB Private Limited (hereinafter referred to as ‘TICB is engaged in the business of execution of turnkey project services particularly in the field of petrochemicals, oil and gas, fertilizers and instrumentation and electrical erection. It is also engaged in activities like EPC lump sum turnkey contracts, engineering design services, supe...