International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
ITAT dealt with the addition of notional interest on interest-free advances and disallowance of inflated import purchases. Assessee's advances to brokers were assigned to another company and were NIL as of 01.04.2009, so no notional interest was warranted. CIT(A)'s deletion of the addition was upheld. Import purchases were genuine, resulting in profits, not losses. CIT(A) rightly deleted the inflated purchase disallowance. Assessee's new claims for deductions in abated assessments u/s 153A were allowed. Subsidies under FPS & VKGUY were capital receipts, not taxable. Disallowance u/s 14A limited to exempt income and not added to book profit u/s 115JB. ESOP expenses allowed u/s 37(1). Foreign exchange loss treated as revenue expenditure. Penalty u/s 271(1)(c) was deleted following the deletion of the related additions.
ITAT dealt with the addition of notional interest on interest-free advances and disallowance of inflated import purchases. Assessee's advances to brokers were assigned to another company and were NIL as of 01.04.2009, so no notional interest was warranted. CIT(A)'s deletion of the addition was upheld. Import purchases were genuine, resulting in profits, not losses. CIT(A) rightly deleted the inflated purchase disallowance. Assessee's new claims for deductions in abated assessments u/s 153A were allowed. Subsidies under FPS & VKGUY were capital receipts, not taxable. Disallowance u/s 14A limited to exempt income and not added to book profit u/s 115JB. ESOP expenses allowed u/s 37(1). Foreign exchange loss treated as revenue expenditure. Penalty u/s 271(1)(c) was deleted following the deletion of the related additions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
