ISSUE:
Whether E-Funds India is a fixed place permanent establishment ('Fixed PE') of E-Funds Corporation?
Whether any profits should be attributed to the Permanent Establishment, if it exists at all, when the transactions were entered on arm's length price?
RULE:
In order to constitute Fixed PE, the assessee must, first, have a fixed place of business and, second the assessee should exercise sufficient control over the said place.
Provision of support services by an entity in India would not make the entity a Permanent Establishment of a foreign entity.