Transfer pricing comparables and adjustments: Tribunal revisits loss-maker status, segmental comparability, working capital relief, and risk allocatio...
Business expenditure disallowance failed where commission, related-party salary and promotion payments were supported by records and inquiry was inade...
The ITAT Surat held that interest and remuneration received by the assessee as a partner of a firm are taxable u/s 28(v) of the Act. The assessee can claim deductions u/s 30 to 43D. Expenditure claimed u/s 37 must meet specific criteria: not covered by u/s 30-36, not capital, not personal, for business/profession, incurred in the year, not illegal. The car-related expenses claimed lacked evidence of business use. 50% allowed for business use, reducing disallowed amount to Rs. 2,71,322. The assessee's appeal partly allowed.
The ITAT Surat held that interest and remuneration received by the assessee as a partner of a firm are taxable u/s 28(v) of the Act. The assessee can claim deductions u/s 30 to 43D. Expenditure claimed u/s 37 must meet specific criteria: not covered by u/s 30-36, not capital, not personal, for business/profession, incurred in the year, not illegal. The car-related expenses claimed lacked evidence of business use. 50% allowed for business use, reducing disallowed amount to Rs. 2,71,322. The assessee's appeal partly allowed.
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