https://www.taxtmi.com/caselaws?id=757724 The ITAT Mumbai dismissed the revenue's appeals on multiple grounds. Regarding TP adjustment on bank guarantee, the tribunal followed its own precedent holding no adjustment was warranted despite the transaction being international. For depreciation on plant machinery, the tribunal allowed depreciation where the assessee had possession and capitalized the machinery despite principal ownership. Professional fees for arbitration were held allowable as business expenses. The tribunal also upheld exclusion of ESOP tax payments from book profit computation under Section 115JB, noting such employer payments on behalf of employees don't constitute income tax under the statutory definition. en-us Thu, 22 Aug 2024 00:00:00 +0530 Fri, 30 Aug 2024 08:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757724 The ITAT Mumbai dismissed the revenue's appeals on multiple grounds. Regarding TP adjustment on bank guarantee, the tribunal followed its own precedent holding no adjustment was warranted despite the transaction being international. For depreciation on plant machinery, the tribunal allowed depreciation where the assessee had possession and capitalized the machinery despite principal ownership. Professional fees for arbitration were held allowable as business expenses. The tribunal also upheld exclusion of ESOP tax payments from book profit computation under Section 115JB, noting such employer payments on behalf of employees don't constitute income tax under the statutory definition. Case-Laws Income Tax Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757724