https://www.taxtmi.com/caselaws?id=310192 The ITAT addressed multiple issues in the case, with varied outcomes. It restored the issue of corporate guarantees to the AO for fresh adjudication. It directed the deletion of disallowances regarding remuneration from partnership firms, bogus purchases, and R&D expenses, citing consistency with prior decisions. Disallowances related to doctor promotions and section 14A were upheld. Adjustments for interest on loans, OFCDs, and product development services were reversed. The ITAT confirmed the deletion of foreign exchange gain as capital in nature and upheld the use of TNMM for transfer pricing. The deduction for cess paid was dismissed due to a retrospective amendment. en-us Wed, 24 Aug 2022 00:00:00 +0530 Wed, 11 Oct 2023 17:56:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310192 The ITAT addressed multiple issues in the case, with varied outcomes. It restored the issue of corporate guarantees to the AO for fresh adjudication. It directed the deletion of disallowances regarding remuneration from partnership firms, bogus purchases, and R&D expenses, citing consistency with prior decisions. Disallowances related to doctor promotions and section 14A were upheld. Adjustments for interest on loans, OFCDs, and product development services were reversed. The ITAT confirmed the deletion of foreign exchange gain as capital in nature and upheld the use of TNMM for transfer pricing. The deduction for cess paid was dismissed due to a retrospective amendment. Case-Laws Income Tax Wed, 24 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310192