https://www.taxtmi.com/caselaws?id=122524 Depreciation was allowed on vehicles registered in directors' names because beneficial ownership with the assessee was accepted. The transfer pricing adjustment was remanded for fresh examination since the record did not clearly show whether the variation exceeded the five per cent tolerance under section 92C. In computing deduction under section 80HHC, sales tax and excise duty were excluded from total turnover because items unrelated to export activity could not distort the formula. Interest from customers was treated as part of business profits, while scrap sales and insurance claim receipts required further factual verification and were remanded. en-us Mon, 01 Feb 2010 00:00:00 +0530 Tue, 14 Aug 2012 12:37:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122524 Depreciation was allowed on vehicles registered in directors' names because beneficial ownership with the assessee was accepted. The transfer pricing adjustment was remanded for fresh examination since the record did not clearly show whether the variation exceeded the five per cent tolerance under section 92C. In computing deduction under section 80HHC, sales tax and excise duty were excluded from total turnover because items unrelated to export activity could not distort the formula. Interest from customers was treated as part of business profits, while scrap sales and insurance claim receipts required further factual verification and were remanded. Case-Laws Income Tax Mon, 01 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122524