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 engage

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