https://www.taxtmi.com/caselaws?id=305919 The Tribunal dismissed the revenue's appeal concerning transfer pricing adjustment but partially allowed the assessee's cross-objection on gift and business promotion expenses. It was determined that the taxpayer's business functions and risk profile did not warrant treating it as a trader, and certain expenses disallowed by the AO were found to be legitimate. The decision was supported by legal precedents and emphasized the importance of analyzing the nature of expenses in relation to business activities. en-us Mon, 07 Feb 2022 00:00:00 +0530 Fri, 30 Dec 2022 09:52:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305919 The Tribunal dismissed the revenue's appeal concerning transfer pricing adjustment but partially allowed the assessee's cross-objection on gift and business promotion expenses. It was determined that the taxpayer's business functions and risk profile did not warrant treating it as a trader, and certain expenses disallowed by the AO were found to be legitimate. The decision was supported by legal precedents and emphasized the importance of analyzing the nature of expenses in relation to business activities. Case-Laws Income Tax Mon, 07 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305919