https://www.taxtmi.com/caselaws?id=311586 ITAT Mumbai ruled in favor of the assessee on two issues. First, regarding TP adjustment for extended credit periods to associated enterprises without interest charges, the tribunal held that since the assessee also extended similar credit to non-associated enterprises without charging interest, no notional adjustment was required by AO/TPO, following Bombay HC precedents. Second, on Section 10A deduction computation, the tribunal allowed the assessee's appeal regarding foreign currency expenses on telecommunication and technical services, ruling these should not be excluded from export turnover since they were never recovered from customers and not part of total turnover. en-us Tue, 20 Jun 2023 00:00:00 +0530 Thu, 04 Jan 2024 05:33:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311586 ITAT Mumbai ruled in favor of the assessee on two issues. First, regarding TP adjustment for extended credit periods to associated enterprises without interest charges, the tribunal held that since the assessee also extended similar credit to non-associated enterprises without charging interest, no notional adjustment was required by AO/TPO, following Bombay HC precedents. Second, on Section 10A deduction computation, the tribunal allowed the assessee's appeal regarding foreign currency expenses on telecommunication and technical services, ruling these should not be excluded from export turnover since they were never recovered from customers and not part of total turnover. Case-Laws Income Tax Tue, 20 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311586