https://www.taxtmi.com/caselaws?id=444910 The ITAT Mumbai upheld most adjustments made by the AO. The tribunal remanded the TDS credit issue back to the AO for verification as the assessee was not given adequate opportunity during assessment. For MAT computation under section 115JB, the tribunal confirmed that the assessee was only entitled to deduction of nil amount being the lower of unabsorbed depreciation versus business losses. The tribunal dismissed appeals regarding foreclosure costs and share issue expenses, holding them as capital expenditure based on the assessee's own classification in Form 3CD. Transfer pricing adjustments for fuel stock transactions were upheld, confirming the TPO's use of CUP method and TIPS database for benchmarking. en-us Wed, 13 Sep 2023 00:00:00 +0530 Wed, 25 Oct 2023 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444910 The ITAT Mumbai upheld most adjustments made by the AO. The tribunal remanded the TDS credit issue back to the AO for verification as the assessee was not given adequate opportunity during assessment. For MAT computation under section 115JB, the tribunal confirmed that the assessee was only entitled to deduction of nil amount being the lower of unabsorbed depreciation versus business losses. The tribunal dismissed appeals regarding foreclosure costs and share issue expenses, holding them as capital expenditure based on the assessee's own classification in Form 3CD. Transfer pricing adjustments for fuel stock transactions were upheld, confirming the TPO's use of CUP method and TIPS database for benchmarking. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444910