Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
The ITAT treated the alleged double addition in income computation, including the set-off of brought forward losses and unabsorbed depreciation, as a connected computational error and remitted the matter for fresh adjudication after hearing the assessee. It also found the transfer pricing adjustment unsustainable because the retained comparables were functionally and product-wise dissimilar to the assessee's manufacturing activity, and held that the assessee's proposed comparables and depreciation policies had to be considered. The transfer pricing issue was likewise set aside and restored to the AO for reconsideration in accordance with law. The appeal was thus allowed for statistical purposes.
The ITAT treated the alleged double addition in income computation, including the set-off of brought forward losses and unabsorbed depreciation, as a connected computational error and remitted the matter for fresh adjudication after hearing the assessee. It also found the transfer pricing adjustment unsustainable because the retained comparables were functionally and product-wise dissimilar to the assessee's manufacturing activity, and held that the assessee's proposed comparables and depreciation policies had to be considered. The transfer pricing issue was likewise set aside and restored to the AO for reconsideration in accordance with law. The appeal was thus allowed for statistical purposes.
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