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Foreign AE could only be accepted as tested party if complete financials were made available before TPO

November 16, 2018[2018] 98 457 (Delhi - Trib.)

IT/ILT: Foreign AE could be a tested party, provided complete financials of said AE along with complete financials of relevant comparables required to benchmark international transaction were made available before TPO

IT/ILT: Arm's length interest rate in respect of loan advanced to foreign AE should be computed based on interest rate applicable to currency in which loan has to be repaid

IT/ILT: DRP rightly directed Assessing Officer that no interests need to be charged on share application money pending with its foreign subsidiaries as transaction of assessee-company with its AE involving payment of share application money did not fall within purview of international transaction

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