https://www.taxtmi.com/caselaws?id=752738 ITAT Ahmedabad partially allowed the assessee's appeal on multiple grounds. The tribunal remanded the transfer pricing adjustment for notional interest on 19-day excess credit period to TPO for proper verification of impact on profitability. Regarding section 35(2AB) deduction, exhibit batch expenses were disallowed following previous tribunal order, but Rs. 501.62 lakhs R&D center expenses were allowed. The rejection of books of account was decided in favor of assessee as no justification existed for expense shifting allegations. Issues regarding intangible expenditure, commission to non-resident agents, and interest on loans were remanded to AO for verification. Section 14A addition was deleted as no exempt income was earned. en-us Wed, 15 May 2024 00:00:00 +0530 Mon, 11 Nov 2024 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752738 ITAT Ahmedabad partially allowed the assessee's appeal on multiple grounds. The tribunal remanded the transfer pricing adjustment for notional interest on 19-day excess credit period to TPO for proper verification of impact on profitability. Regarding section 35(2AB) deduction, exhibit batch expenses were disallowed following previous tribunal order, but Rs. 501.62 lakhs R&D center expenses were allowed. The rejection of books of account was decided in favor of assessee as no justification existed for expense shifting allegations. Issues regarding intangible expenditure, commission to non-resident agents, and interest on loans were remanded to AO for verification. Section 14A addition was deleted as no exempt income was earned. Case-Laws Income Tax Wed, 15 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752738