https://www.taxtmi.com/caselaws?id=437128 The Tribunal partly allowed the taxpayer's appeal, quashing the Transfer Pricing (TP) order and the consequent assessment order due to being barred by limitation. The Tribunal found merit in the taxpayer's claim for a working capital adjustment and directed the authorities to allow it. Additionally, the Tribunal instructed the Assessing Officer (AO) to rectify the incorrect consideration of losses and to dispose of the taxpayer's application for rectification within two months. The Tribunal did not provide a detailed analysis on the initiation of penalty proceedings, focusing instead on the main grounds of appeal. en-us Mon, 06 Feb 2023 00:00:00 +0530 Tue, 26 Nov 2024 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437128 The Tribunal partly allowed the taxpayer's appeal, quashing the Transfer Pricing (TP) order and the consequent assessment order due to being barred by limitation. The Tribunal found merit in the taxpayer's claim for a working capital adjustment and directed the authorities to allow it. Additionally, the Tribunal instructed the Assessing Officer (AO) to rectify the incorrect consideration of losses and to dispose of the taxpayer's application for rectification within two months. The Tribunal did not provide a detailed analysis on the initiation of penalty proceedings, focusing instead on the main grounds of appeal. Case-Laws Income Tax Mon, 06 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437128