https://www.taxtmi.com/caselaws?id=384457 The ITAT Mumbai partially allowed the assessee's appeal for Assessment Year 2006-07 regarding Transfer Pricing Adjustment and Non-Transfer Pricing Adjustment. The Tribunal directed the exclusion of 4 comparable entities in Transfer Pricing Adjustment to align mean margins within the tolerance range, based on various Tribunal decisions supporting their exclusion due to different business models. In Non-Transfer Pricing Adjustment, the Tribunal deleted the adhoc disallowance of 20% of communication expenses, following a previous decision in the assessee's favor. The appeal was partly allowed, with the levy of interest and initiation of penalty proceedings deemed mandatory and premature respectively. en-us Tue, 30 Jul 2019 00:00:00 +0530 Thu, 04 Aug 2022 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384457 The ITAT Mumbai partially allowed the assessee's appeal for Assessment Year 2006-07 regarding Transfer Pricing Adjustment and Non-Transfer Pricing Adjustment. The Tribunal directed the exclusion of 4 comparable entities in Transfer Pricing Adjustment to align mean margins within the tolerance range, based on various Tribunal decisions supporting their exclusion due to different business models. In Non-Transfer Pricing Adjustment, the Tribunal deleted the adhoc disallowance of 20% of communication expenses, following a previous decision in the assessee's favor. The appeal was partly allowed, with the levy of interest and initiation of penalty proceedings deemed mandatory and premature respectively. Case-Laws Income Tax Tue, 30 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384457