https://www.taxtmi.com/caselaws?id=461890 ITAT Mumbai allowed the appeal partly. The transfer pricing adjustment was set aside and remanded to AO for determination using TNMM method as adopted by assessee. Disallowance of weighted deduction under Section 35(2AB) for R&D expenses was upheld, finding no conflict between statutory provisions and rules. Section 14A disallowance was deleted as assessee earned no exempt income. Corresponding book profit adjustments under Section 115JB were also deleted except for weighted deduction disallowance which was confirmed as not falling under permissible additions in Explanation 1. en-us Wed, 19 Apr 2023 00:00:00 +0530 Tue, 06 May 2025 11:12:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461890 ITAT Mumbai allowed the appeal partly. The transfer pricing adjustment was set aside and remanded to AO for determination using TNMM method as adopted by assessee. Disallowance of weighted deduction under Section 35(2AB) for R&D expenses was upheld, finding no conflict between statutory provisions and rules. Section 14A disallowance was deleted as assessee earned no exempt income. Corresponding book profit adjustments under Section 115JB were also deleted except for weighted deduction disallowance which was confirmed as not falling under permissible additions in Explanation 1. Case-Laws Income Tax Wed, 19 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461890