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2010 (4) TMI 889 - AT - Income TaxTransfer pricing - adjustment - held that:- AO has given more importance to the imports made by the assessee from China as the assessee had paid lesser price to Chinese DETPCL though the purity percentage was quite high or equivalent to the purity given by the AE of the assessee in Danmark. - addition delete. Written off of sundry creditor - set off from bad debts - held that:- the assessee has taken only to the P&L account by reducing the net profit from the bad debts written off. In our opinion as rightly held by the ld CIT(A), the AO made double addition. Disallowance of ESIC contribution paid after the due date but before filing of returns – Held that:- In the case of Alom Extrusions Ltd. (2009 (11) TMI 27 - SUPREME COURT ) - addition made by the AO in respect of ESIC contribution deleted and the respective ground is allowed Disallowance of provision for non recoverable advance - AO made the disallowance on the ground that it is merely a provision which is not allowable business expenditure – Held that:- There is no basis for making the provision in respect of non-recoverable advances; we therefore, confirm the addition made by the AO – In favor of revenue Lease premium written back from ‘eligible profits’ for deduction u/s 80IB. – assessee pleaded that the same is to be allowed, if the expenditure was debited to the P&L account in the earlier years – Held that:- This aspect has not been considered by the AO - assessee also argued that this issue has been decided in favour of the assessee in assesee’s own case for assessment year 2001-02 and 2003-04 - issue in respect of the ‘lease premium written back’ to the file of the AO - assessee is also directed to file the P&L account of the respective years, if any in which the said expenditure was debited. Restriction of deduction u/s 80HHC invoking section 80IB (13) r,.w.s 80IA(9) of the Act – Held that:- Assessee fairly submitted that this issue has been decided against the assessee in asseesse’s own case - issue is decided against the assessee and accordingly, the ground of the assessee is dismissed – against assessee
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