https://www.taxtmi.com/caselaws?id=461253 ITAT Chennai allowed assessee's appeal regarding working capital adjustment, finding CIT(A) erred in rejecting such adjustment. However, foreign exchange losses were held to be operating in nature for PLI computation, dismissing assessee's ground due to inconsistent treatment compared to previous years without justification. The Tribunal directed AO to provide customs duty adjustment while determining arm's length price, following precedent from sister concern case Doowon Automotive Systems India Pvt Ltd, thereby dismissing revenue's ground on this issue. en-us Mon, 11 Nov 2024 00:00:00 +0530 Mon, 24 Mar 2025 19:42:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461253 ITAT Chennai allowed assessee's appeal regarding working capital adjustment, finding CIT(A) erred in rejecting such adjustment. However, foreign exchange losses were held to be operating in nature for PLI computation, dismissing assessee's ground due to inconsistent treatment compared to previous years without justification. The Tribunal directed AO to provide customs duty adjustment while determining arm's length price, following precedent from sister concern case Doowon Automotive Systems India Pvt Ltd, thereby dismissing revenue's ground on this issue. Case-Laws Income Tax Mon, 11 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461253