https://www.taxtmi.com/caselaws?id=445388 ITAT Kolkata ruled on multiple transfer pricing and tax issues. The tribunal held that excise duty should not be deducted from export turnover for determining arm's length price and remanded the matter to AO. Transfer pricing adjustment on royalty payments to associated enterprises was deleted, following coordinate bench precedent. Leave encashment disallowance under section 43B was remanded for verification of actual payments made. Club expenses disallowance under section 40A(9) was decided in favor of assessee, directing AO to allow deduction as business expenses. Commission expenditure and interest income discrepancy issues were remanded to AO for proper examination and implementation of DRP directions. Business loss calculation error was also remanded for correct computation. en-us Thu, 14 Sep 2023 00:00:00 +0530 Mon, 06 Nov 2023 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445388 ITAT Kolkata ruled on multiple transfer pricing and tax issues. The tribunal held that excise duty should not be deducted from export turnover for determining arm's length price and remanded the matter to AO. Transfer pricing adjustment on royalty payments to associated enterprises was deleted, following coordinate bench precedent. Leave encashment disallowance under section 43B was remanded for verification of actual payments made. Club expenses disallowance under section 40A(9) was decided in favor of assessee, directing AO to allow deduction as business expenses. Commission expenditure and interest income discrepancy issues were remanded to AO for proper examination and implementation of DRP directions. Business loss calculation error was also remanded for correct computation. Case-Laws Income Tax Thu, 14 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445388