https://www.taxtmi.com/caselaws?id=447624 ITAT Delhi ruled in favor of the assessee regarding suppression of sales allegations. The tribunal held that once international transactions are benchmarked at arm's length pricing with cost plus 15% markup and accepted by the department, no further additions can be made for credit/debit notes used for account reconciliation. The Rs. 94,00,610 addition was deleted, citing Morgan Stanley SC precedent. However, ITAT upheld expense disallowances for certain vendors whose invoices lacked proper entry stamps, while allowing minor expenses where primary evidence was provided despite non-compliance with Section 133(6) notices. en-us Tue, 26 Dec 2023 00:00:00 +0530 Mon, 01 Jan 2024 07:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447624 ITAT Delhi ruled in favor of the assessee regarding suppression of sales allegations. The tribunal held that once international transactions are benchmarked at arm's length pricing with cost plus 15% markup and accepted by the department, no further additions can be made for credit/debit notes used for account reconciliation. The Rs. 94,00,610 addition was deleted, citing Morgan Stanley SC precedent. However, ITAT upheld expense disallowances for certain vendors whose invoices lacked proper entry stamps, while allowing minor expenses where primary evidence was provided despite non-compliance with Section 133(6) notices. Case-Laws Income Tax Tue, 26 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447624