https://www.taxtmi.com/caselaws?id=765044 The ITAT Chennai decided multiple issues in this transfer pricing case. The tribunal directed deletion of TP adjustments regarding M/s. Northstar Health Care following precedent and ordered recomputation of arm's length price for cephalexin and Levetiracetam drug sales with proper hearing opportunities. The tribunal deleted additions for rebate provisions, confirming statutory benefits cannot be denied on mere presumption. However, it upheld additions where the assessee claimed differential tax benefits during business restructuring. The tribunal allowed job work expense claims as genuineness was undisputed. For Section 35(2AB) deductions, it directed fresh consideration under Sections 37/32 due to missing Form 3CL. Finally, it disallowed FCCB premium expenses until TDS compliance under Section 40(a)(i). en-us Wed, 11 Dec 2024 00:00:00 +0530 Tue, 21 Jan 2025 15:19:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765044 The ITAT Chennai decided multiple issues in this transfer pricing case. The tribunal directed deletion of TP adjustments regarding M/s. Northstar Health Care following precedent and ordered recomputation of arm's length price for cephalexin and Levetiracetam drug sales with proper hearing opportunities. The tribunal deleted additions for rebate provisions, confirming statutory benefits cannot be denied on mere presumption. However, it upheld additions where the assessee claimed differential tax benefits during business restructuring. The tribunal allowed job work expense claims as genuineness was undisputed. For Section 35(2AB) deductions, it directed fresh consideration under Sections 37/32 due to missing Form 3CL. Finally, it disallowed FCCB premium expenses until TDS compliance under Section 40(a)(i). Case-Laws Income Tax Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765044