https://www.taxtmi.com/caselaws?id=440724 The revenue's transfer pricing adjustment separating solar trial test losses from manufacturing income was rejected because the assessing officer must accept authenticated statutory accounts; the directors' note, auditor acceptance and ROC filing showed the solar activity was an extraordinary item with asset impairment, so the DRP's and ITAT's exclusion of those losses from manufacturing PLI was upheld. On set off of brought forward unabsorbed depreciation, the court applied the precedent in Petrofills and related High Court rulings, holding depreciation carryforward is allowable and therefore can be set off as recognised by those authorities. en-us Wed, 12 Jul 2023 00:00:00 +0530 Wed, 11 Feb 2026 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440724 The revenue's transfer pricing adjustment separating solar trial test losses from manufacturing income was rejected because the assessing officer must accept authenticated statutory accounts; the directors' note, auditor acceptance and ROC filing showed the solar activity was an extraordinary item with asset impairment, so the DRP's and ITAT's exclusion of those losses from manufacturing PLI was upheld. On set off of brought forward unabsorbed depreciation, the court applied the precedent in Petrofills and related High Court rulings, holding depreciation carryforward is allowable and therefore can be set off as recognised by those authorities. Case-Laws Income Tax Wed, 12 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440724