https://www.taxtmi.com/caselaws?id=179689 Contemporaneous third-party quotations and year-of-contract data can be used as CUP material where the international transaction continues unchanged, and no transfer pricing adjustment was warranted when the actual price remained within the statutory tolerance band. Retention money released against bank guarantee did not accrue as income on release because the contractual right arose only on completion and certification of work. Repair expenditure incurred during the year was allowable despite being booked as a provision, as the liability had already accrued and genuineness was not disputed. A contribution made in connection with a naval project was allowable as business expenditure on commercial expediency and wholly and exclusively business purpose. en-us Thu, 31 Jan 2013 00:00:00 +0530 Wed, 12 Jul 2023 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179689 Contemporaneous third-party quotations and year-of-contract data can be used as CUP material where the international transaction continues unchanged, and no transfer pricing adjustment was warranted when the actual price remained within the statutory tolerance band. Retention money released against bank guarantee did not accrue as income on release because the contractual right arose only on completion and certification of work. Repair expenditure incurred during the year was allowable despite being booked as a provision, as the liability had already accrued and genuineness was not disputed. A contribution made in connection with a naval project was allowable as business expenditure on commercial expediency and wholly and exclusively business purpose. Case-Laws Income Tax Thu, 31 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179689