Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
The principal issue was whether AMP expenditure forms part of operating costs for ALP determination in related-party transactions; holding that the TP study wrongly excluded AMP from operating cost, the tribunal remands the ALP determination to AO/TPO directing AMP be treated within operating cost and re-evaluated accordingly. On interest for delayed receivables the tribunal holds such interest is a separate international transaction requiring separate benchmarking; credit period limited to 30 days per contract and the benchmark rate directed as LIBOR + 200 bps (replacing LIBOR + 400 bps). Seminar/convention expenses must be verified against the Supreme Court test and, if compliant, allowed. Alleged double disallowance under s.43B is remitted to AO to delete if already disallowed in computation. - ITAT
The principal issue was whether AMP expenditure forms part of operating costs for ALP determination in related-party transactions; holding that the TP study wrongly excluded AMP from operating cost, the tribunal remands the ALP determination to AO/TPO directing AMP be treated within operating cost and re-evaluated accordingly. On interest for delayed receivables the tribunal holds such interest is a separate international transaction requiring separate benchmarking; credit period limited to 30 days per contract and the benchmark rate directed as LIBOR + 200 bps (replacing LIBOR + 400 bps). Seminar/convention expenses must be verified against the Supreme Court test and, if compliant, allowed. Alleged double disallowance under s.43B is remitted to AO to delete if already disallowed in computation. - ITAT
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