https://www.taxtmi.com/caselaws?id=312601 ITAT Ahmedabad ruled in favor of the assessee on multiple grounds. The tribunal allowed appeals regarding TP adjustments for corporate guarantee charges, interest imputation on optionally convertible loans, and reimbursement of expenses, following precedents from the assessee's own cases for AY 2012-13 and 2013-14. The tribunal also permitted weighted deductions under section 35(2AB) for R&D expenses, noting that prior to 2016 amendments, no quantification approval was required from prescribed authorities. Additionally, depreciation on a Hummer car was allowed despite registration in the director's name, as the vehicle was used for business purposes. All disallowances were deleted, with the tribunal consistently following binding precedents from the assessee's previous assessment years. en-us Wed, 14 Sep 2022 00:00:00 +0530 Tue, 27 Feb 2024 17:09:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312601 ITAT Ahmedabad ruled in favor of the assessee on multiple grounds. The tribunal allowed appeals regarding TP adjustments for corporate guarantee charges, interest imputation on optionally convertible loans, and reimbursement of expenses, following precedents from the assessee's own cases for AY 2012-13 and 2013-14. The tribunal also permitted weighted deductions under section 35(2AB) for R&D expenses, noting that prior to 2016 amendments, no quantification approval was required from prescribed authorities. Additionally, depreciation on a Hummer car was allowed despite registration in the director's name, as the vehicle was used for business purposes. All disallowances were deleted, with the tribunal consistently following binding precedents from the assessee's previous assessment years. Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312601