SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
The HC set aside the order passed u/s 148A(d) and notice issued u/s 148, and remanded the matter to the AO to consider afresh. It held that the revenue's contention that the petitioner had received cash was erroneous. The ledger account reflected that the petitioner had paid cash consideration for supplies. The AO had not made any specific allegation that the petitioner had paid money through banking channel and received back cash against those payments. The HC directed the AO to consider the petitioner's averments and replies furnished.
The HC set aside the order passed u/s 148A(d) and notice issued u/s 148, and remanded the matter to the AO to consider afresh. It held that the revenue's contention that the petitioner had received cash was erroneous. The ledger account reflected that the petitioner had paid cash consideration for supplies. The AO had not made any specific allegation that the petitioner had paid money through banking channel and received back cash against those payments. The HC directed the AO to consider the petitioner's averments and replies furnished.
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