https://www.taxtmi.com/caselaws?id=461990 ITAT Mumbai held that no TP adjustment was warranted on share purchase from AE, following its earlier decision for AY 2016-17 where similar transactions occurred across multiple years. The tribunal allowed depreciation on intangible assets including business contracts and non-compete fees, treating them as depreciable assets under section 32. Disallowance under section 14A was deleted as AO failed to record dissatisfaction with assessee's claim. Issues regarding delayed PF/ESI contributions, reversal of provisions under section 43B, short credit of TDS, advance tax credit, and denial of Foreign Tax Credit were remitted back to AO for factual verification and decision in accordance with law. en-us Wed, 26 Jul 2023 00:00:00 +0530 Tue, 13 May 2025 19:23:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461990 ITAT Mumbai held that no TP adjustment was warranted on share purchase from AE, following its earlier decision for AY 2016-17 where similar transactions occurred across multiple years. The tribunal allowed depreciation on intangible assets including business contracts and non-compete fees, treating them as depreciable assets under section 32. Disallowance under section 14A was deleted as AO failed to record dissatisfaction with assessee's claim. Issues regarding delayed PF/ESI contributions, reversal of provisions under section 43B, short credit of TDS, advance tax credit, and denial of Foreign Tax Credit were remitted back to AO for factual verification and decision in accordance with law. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461990