https://www.taxtmi.com/caselaws?id=329430 The Tribunal partially allowed the appeal, remanding several issues for reconsideration and deciding others in favor of the assessee. The Transfer Pricing adjustments were remanded to the Dispute Resolution Panel (DRP) due to lack of detailed reasoning. The disallowance of payment made to clubs was allowed as a business expense. The disallowance under Section 14A was decided in favor of the assessee, as the Assessing Officer's approach was found to be contrary to the law. Expenses for product trials, computer software, compensation paid, and gift expenses were allowed as revenue expenditures. The adjustment of opening stock was directed to avoid double taxation. Penalty proceedings and interest levy were considered premature and consequential, respectively. en-us Wed, 25 May 2016 00:00:00 +0530 Wed, 22 Jun 2016 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329430 The Tribunal partially allowed the appeal, remanding several issues for reconsideration and deciding others in favor of the assessee. The Transfer Pricing adjustments were remanded to the Dispute Resolution Panel (DRP) due to lack of detailed reasoning. The disallowance of payment made to clubs was allowed as a business expense. The disallowance under Section 14A was decided in favor of the assessee, as the Assessing Officer's approach was found to be contrary to the law. Expenses for product trials, computer software, compensation paid, and gift expenses were allowed as revenue expenditures. The adjustment of opening stock was directed to avoid double taxation. Penalty proceedings and interest levy were considered premature and consequential, respectively. Case-Laws Income Tax Wed, 25 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329430