https://www.taxtmi.com/caselaws?id=754445 ITAT Bangalore ruled in favor of the assessee regarding working capital adjustment in transfer pricing matters. The tribunal found that CIT(A) was unjustified in denying working capital adjustment when no error was identified in TPO's calculations. Following precedent from Huawei Technologies India case, the tribunal directed AO/TPO to grant working capital adjustment to align with comparable companies. Additionally, the tribunal directed AO to verify and grant credit for self-assessment and regular assessment taxes, noting that the assessee's rectification application remained undisposed since January 2024. en-us Fri, 19 Apr 2024 00:00:00 +0530 Tue, 25 Jun 2024 08:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754445 ITAT Bangalore ruled in favor of the assessee regarding working capital adjustment in transfer pricing matters. The tribunal found that CIT(A) was unjustified in denying working capital adjustment when no error was identified in TPO's calculations. Following precedent from Huawei Technologies India case, the tribunal directed AO/TPO to grant working capital adjustment to align with comparable companies. Additionally, the tribunal directed AO to verify and grant credit for self-assessment and regular assessment taxes, noting that the assessee's rectification application remained undisposed since January 2024. Case-Laws Income Tax Fri, 19 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754445