Appeal allows marketing payments as deductible business expenses under Sec.37; director pay retained; R&D deductible from certificate date under Sec.3...
Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
ITAT held: the challenge to the assessment under s.153 is kept open pending adjudication before the Hon'ble SC; AO directed to give effect to the SC outcome in the pending proceedings. Claim for deduction under s.80IA was remanded to the AO for factual verification under the second proviso to s.80IA(4) to determine whether the projects commenced development or O&M on/after 1.4.2017, precluding a conclusive appellate finding. On TP adjustments, ITAT found the specified domestic transactions benchmarked on CUP valid: where the AE passed government receipts to the assessee without mark-up under back-to-back contracts, those receipts constituted ALP; TPO's reallocation of corporate costs exceeded TP scope, so AO's TP additions were deleted.
ITAT held: the challenge to the assessment under s.153 is kept open pending adjudication before the Hon'ble SC; AO directed to give effect to the SC outcome in the pending proceedings. Claim for deduction under s.80IA was remanded to the AO for factual verification under the second proviso to s.80IA(4) to determine whether the projects commenced development or O&M on/after 1.4.2017, precluding a conclusive appellate finding. On TP adjustments, ITAT found the specified domestic transactions benchmarked on CUP valid: where the AE passed government receipts to the assessee without mark-up under back-to-back contracts, those receipts constituted ALP; TPO's reallocation of corporate costs exceeded TP scope, so AO's TP additions were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
