https://www.taxtmi.com/caselaws?id=437074 Where income is computed under the tonnage tax scheme, the special presumptive mechanism in Chapter XII-G prevails and transfer pricing adjustment under Chapter X does not apply to charter-hire income; the adjustment was therefore deleted. Delayed deposit of employees' contribution to provident fund remained disallowable because binding Supreme Court authority treats deposit beyond the prescribed time as non-deductible. Education cess and secondary and higher secondary education cess were also held not deductible, as the Finance Act 2022 clarification brings cess and surcharge within the relevant disallowance expression of tax. The appeal succeeded only on deletion of the transfer pricing adjustment, while the remaining disallowances were sustained. en-us Wed, 29 Mar 2023 00:00:00 +0530 Wed, 26 Apr 2023 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437074 Where income is computed under the tonnage tax scheme, the special presumptive mechanism in Chapter XII-G prevails and transfer pricing adjustment under Chapter X does not apply to charter-hire income; the adjustment was therefore deleted. Delayed deposit of employees' contribution to provident fund remained disallowable because binding Supreme Court authority treats deposit beyond the prescribed time as non-deductible. Education cess and secondary and higher secondary education cess were also held not deductible, as the Finance Act 2022 clarification brings cess and surcharge within the relevant disallowance expression of tax. The appeal succeeded only on deletion of the transfer pricing adjustment, while the remaining disallowances were sustained. Case-Laws Income Tax Wed, 29 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437074