Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
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Medical reimbursement and incidental travel expenses of the Chairman were held allowable as business expenditure because the board-approved service terms specifically permitted reimbursement and the business nexus was accepted. The Tribunal also set aside rejection of the Sahibabad unit's books and the estimated profit addition, finding that the assessment rested only on that unit's loss, without any specific defect in the accounts, under-reporting of receipts, or proved inflation of expenditure. The assessee's explanation that the Jaipur and Sahibabad units functioned in a combined manner was not properly considered.
Medical reimbursement and incidental travel expenses of the Chairman were held allowable as business expenditure because the board-approved service terms specifically permitted reimbursement and the business nexus was accepted. The Tribunal also set aside rejection of the Sahibabad unit's books and the estimated profit addition, finding that the assessment rested only on that unit's loss, without any specific defect in the accounts, under-reporting of receipts, or proved inflation of expenditure. The assessee's explanation that the Jaipur and Sahibabad units functioned in a combined manner was not properly considered.
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