https://www.taxtmi.com/caselaws?id=759571 ITAT Bangalore granted conditional stay of recovery for outstanding tax demand. The tribunal found that the AO incorrectly computed assessed income by starting from nil instead of the declared loss, resulting in inflated demand of Rs. 20,25,83,329/-. The TPO's adjustment covered entire turnover rather than being restricted to international transactions only, violating established legal principles. Upon revised computation restricting adjustments to international transactions and considering TDS credits, the demand reduced to nil. Stay granted for 180 days subject to assessee undertaking not to sell assets worth the total tax demand amount. en-us Fri, 20 Sep 2024 00:00:00 +0530 Thu, 03 Oct 2024 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759571 ITAT Bangalore granted conditional stay of recovery for outstanding tax demand. The tribunal found that the AO incorrectly computed assessed income by starting from nil instead of the declared loss, resulting in inflated demand of Rs. 20,25,83,329/-. The TPO's adjustment covered entire turnover rather than being restricted to international transactions only, violating established legal principles. Upon revised computation restricting adjustments to international transactions and considering TDS credits, the demand reduced to nil. Stay granted for 180 days subject to assessee undertaking not to sell assets worth the total tax demand amount. Case-Laws Income Tax Fri, 20 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759571