https://www.taxtmi.com/caselaws?id=462664 The ITAT Chennai ruled in favor of the assessee on several transfer pricing issues. The tribunal directed the TPO to exclude specified domestic transactions from transfer pricing adjustments, following the Karnataka HC decision in Texport Overseas P. Ltd., which held that omission of clause (i) of Section 92BA rendered such provisions non-existent. The tribunal also restricted TP adjustments to international transactions only, not entire revenues, and directed treatment of bill discounting charges as finance costs and product development expenses as non-operating. However, adjustments for depreciation, forex losses, and customs duty were denied as these were considered normal business operations. en-us Wed, 12 Jun 2024 00:00:00 +0530 Tue, 08 Jul 2025 18:56:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462664 The ITAT Chennai ruled in favor of the assessee on several transfer pricing issues. The tribunal directed the TPO to exclude specified domestic transactions from transfer pricing adjustments, following the Karnataka HC decision in Texport Overseas P. Ltd., which held that omission of clause (i) of Section 92BA rendered such provisions non-existent. The tribunal also restricted TP adjustments to international transactions only, not entire revenues, and directed treatment of bill discounting charges as finance costs and product development expenses as non-operating. However, adjustments for depreciation, forex losses, and customs duty were denied as these were considered normal business operations. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462664