Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
ITAT allowed the appeal: it reversed the AO's additions and directed deletion of the disallowance under s.69C. The Tribunal found the AO and CIT(A) erred in rejecting bona fide improvement expenditures where the assessee produced original bills, payment evidence and corroborative invoices, despite the assessee's name not appearing on some vouchers; the totality of circumstances supported allowance of the cost of improvement. Likewise, commission/brokerage payments to four payees were held to be genuine and claimed in the recipients' returns and confirmations; mere filing after s.133(6) inquiries or familial relationship did not justify disallowance absent contrary evidence. The AO was directed to allow the claimed deductions for computation of capital gains.
ITAT allowed the appeal: it reversed the AO's additions and directed deletion of the disallowance under s.69C. The Tribunal found the AO and CIT(A) erred in rejecting bona fide improvement expenditures where the assessee produced original bills, payment evidence and corroborative invoices, despite the assessee's name not appearing on some vouchers; the totality of circumstances supported allowance of the cost of improvement. Likewise, commission/brokerage payments to four payees were held to be genuine and claimed in the recipients' returns and confirmations; mere filing after s.133(6) inquiries or familial relationship did not justify disallowance absent contrary evidence. The AO was directed to allow the claimed deductions for computation of capital gains.
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