Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
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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