https://www.taxtmi.com/caselaws?id=461660 The ITAT Mumbai ruled in favor of the assessee on multiple transfer pricing and other issues. The tribunal deleted TP adjustments for Letters of Comfort to associated enterprises and interest on delayed receivables, following its own coordinate bench precedent. It also quashed interest disallowance on interest-free loans to subsidiaries, citing business purpose and use of own funds. The Section 14A disallowance was restricted to Rs. 11.28 lakhs at 0.5% rate. Professional fees for market research were allowed as legitimate business expenses. Only one ground regarding professional charges was dismissed, with the matter pending before HC. en-us Tue, 28 May 2024 00:00:00 +0530 Sat, 19 Apr 2025 20:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461660 The ITAT Mumbai ruled in favor of the assessee on multiple transfer pricing and other issues. The tribunal deleted TP adjustments for Letters of Comfort to associated enterprises and interest on delayed receivables, following its own coordinate bench precedent. It also quashed interest disallowance on interest-free loans to subsidiaries, citing business purpose and use of own funds. The Section 14A disallowance was restricted to Rs. 11.28 lakhs at 0.5% rate. Professional fees for market research were allowed as legitimate business expenses. Only one ground regarding professional charges was dismissed, with the matter pending before HC. Case-Laws Income Tax Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461660