https://www.taxtmi.com/caselaws?id=470880 Audited books for turnkey power projects cannot be rejected merely because a fixed-price contract produced losses where supporting records establish receipts, expenditure and accounting reliability; presumptive profit estimation is then unwarranted. Cost-to-cost freight reimbursements paid by the head office to independent shipping agencies without markup do not justify a transfer-pricing adjustment, and a customer contract price may serve as an internal comparable where the project office records revenue and bears execution risks. Expenditure subject to tax deduction at source remains allowable when the tax is deposited before the return-filing due date. Brought-forward business losses may be set off against presumptive business income, but unabsorbed depreciation may not be so adjusted. en-us Mon, 04 Sep 2023 00:00:00 +0530 Wed, 12 Aug 2026 12:09:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470880 Audited books for turnkey power projects cannot be rejected merely because a fixed-price contract produced losses where supporting records establish receipts, expenditure and accounting reliability; presumptive profit estimation is then unwarranted. Cost-to-cost freight reimbursements paid by the head office to independent shipping agencies without markup do not justify a transfer-pricing adjustment, and a customer contract price may serve as an internal comparable where the project office records revenue and bears execution risks. Expenditure subject to tax deduction at source remains allowable when the tax is deposited before the return-filing due date. Brought-forward business losses may be set off against presumptive business income, but unabsorbed depreciation may not be so adjusted. Case-Laws Income Tax Mon, 04 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470880