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G.D.AGRAWAL, R.S.SYAL, HARI OM MARATHA
L. G. Electronics India (P. ) Ltd. – Appellant
Versus
Assistant Commissioner of Income-tax, Circle - 3, Noida – Respondent
R.S. Syal, Accountant Member - The Hon'ble President has constituted this Special Bench to adjudicate the following two questions:
"1. Whether, on the facts and in circumstances of the case, the Assessing Officer was justified in making transfer pricing adjustment in relation to advertisement, marketing and sales promotion expenses incurred by the assessee?
2. Whether the Assessing Officer was justified in holding that the assessee should have earned a mark up from the Associated Enterprise in respect of AMP expenses alleged to have been incurred for and on behalf of the AE?"
2. The factual matrix of the case is that L.G. Electronics Inc. (hereinafter called as "LGK"), is a Korean based company, engaged in the business of manufacture, sale and distribution of electronic products and electrical appliances such as television, audio/video equipments, washing machines, refrigerators and air-conditioners etc. Pursuant to the approval of the Govt. of India, conveyed vide letter dated 29-1-1997, LGK was permitted to establish a wholly owned subsidiary in India. L.G. Electronics India Pvt. Ltd. (hereinafter called as "LGI"), that is the assessee in question, was incorporated in 1997 a
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