Assessing Officer Disallows Excess Deduction for High Profit Margin u/s 10AA and Section 80IA(10) of Income Tax Act.

Assessing Officer Disallows Excess Deduction for High Profit Margin u/s 10AA and Section 80IA(10) of Income Tax Act. https://www.taxtmi.com/highlights?id=49329 Disallowance of excess deduction claimed u/s 10AA r.w.s 80IA(10) - AO observed that the Appellant earned more than 'ordinary profits' to its associated enterprise ('AE') - where net profit was shown by the assessee at 63%, there is no merit in applying the concept of OP/OC, which cannot be the basis for benchmarking the profits of any business - AT en-us Wed, 18 Sep 2019 12:25:15 +0530 Wed, 18 Sep 2019 12:25:15 +0530 TaxTMI RSS Generator Assessing Officer Disallows Excess Deduction for High Profit Margin u/s 10AA and Section 80IA(10) of Income Tax Act. https://www.taxtmi.com/highlights?id=49329 Disallowance of excess deduction claimed u/s 10AA r.w.s 80IA(10) - AO observed that the Appellant earned more than 'ordinary profits' to its associated enterprise ('AE') - where net profit was shown by the assessee at 63%, there is no merit in applying the concept of OP/OC, which cannot be the basis for benchmarking the profits of any business - AT Highlights Income Tax Wed, 18 Sep 2019 12:25:15 +0530 https://www.taxtmi.com/highlights?id=49329