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International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
ITAT allowed the taxpayer's appeal, holding that vehicle running and maintenance expenses were incurred wholly and exclusively for business purposes and also constituted employee perquisites subject to withholding tax; therefore such expenditures are deductible. The Tribunal affirmed the earlier conclusion of the CIT(A) for the prior assessment year and declined to disturb that finding in the impugned year. Club subscription expenditures, treated as employee perquisites and previously examined by the CIT(A), were similarly held allowable where contemporaneous records and explanations were furnished to the AO; items earlier disallowed for lack of particulars were accepted on production of requisite details. The appeal was allowed.
ITAT allowed the taxpayer's appeal, holding that vehicle running and maintenance expenses were incurred wholly and exclusively for business purposes and also constituted employee perquisites subject to withholding tax; therefore such expenditures are deductible. The Tribunal affirmed the earlier conclusion of the CIT(A) for the prior assessment year and declined to disturb that finding in the impugned year. Club subscription expenditures, treated as employee perquisites and previously examined by the CIT(A), were similarly held allowable where contemporaneous records and explanations were furnished to the AO; items earlier disallowed for lack of particulars were accepted on production of requisite details. The appeal was allowed.
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