https://www.taxtmi.com/caselaws?id=755659 The ITAT Mumbai ruled on multiple transfer pricing and tax issues. For TP adjustment on broking commission, the tribunal directed TPO to consider both overseas and domestic clients under CUP method and allowed 40% adjustment for marketing and research costs. The issue of computing upward adjustment was remanded to AO for verification per TPO's rectification order. Regarding disallowance of net loss on error trading transactions, the tribunal held such losses are incidental to brokerage business and directed AO to allow the claim. For section 14A disallowance on exempt income, the matter was remanded to AO for examination with assessee required to substantiate why no disallowance should be made. en-us Thu, 30 Nov 2023 00:00:00 +0530 Tue, 16 Jul 2024 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755659 The ITAT Mumbai ruled on multiple transfer pricing and tax issues. For TP adjustment on broking commission, the tribunal directed TPO to consider both overseas and domestic clients under CUP method and allowed 40% adjustment for marketing and research costs. The issue of computing upward adjustment was remanded to AO for verification per TPO's rectification order. Regarding disallowance of net loss on error trading transactions, the tribunal held such losses are incidental to brokerage business and directed AO to allow the claim. For section 14A disallowance on exempt income, the matter was remanded to AO for examination with assessee required to substantiate why no disallowance should be made. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755659