Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 1349 - AT - Income TaxTP Adjustment - assessee’s contention that even if the comparable Uncontrolled Price Method is applied for determining the arm's length price then the comparability analysis should consider an adjustment of at least 50% vis–a–vis brokerage charged to independent clients - HELD THAT:- As the issue for our adjudication has been decided by the Co–ordinate Bench of the Tribunal in assessee’s own case for the assessment year 2002–03 wherein the issue has been decided against the Revenue and in favour of the assessee. Comparability analysis on the basis of overseas and domestic independent clients - The issue for our adjudication has been decided by the Co–ordinate Bench of the Tribunal, Mumbai Bench, in assessee’s own case for the assessment year 2002–03, wherein the issue has been decided against the Revenue and in favour of the assessee. Disallowance of remuneration under section 40A(2) - HELD THAT:- As decided in own case payment made to employee is within the limits prescribed by Companies Act and satisfies the test of reasonableness. We have noted that the AO, while making the disallowance disregarded the approval granted by central government under the statutory provisions of Companies Act. The AO made addition / disallowance without considering the qualification, experience and reasonableness with regard to his past and position in the field of capital market. Disallowance of notional interest on deposits u/s 40A(2) - HELD THAT:- As in assessee’s own case for the assessment year 2002–03, in assessee’s own case for the assessment year wherein the issue has been decided against the Revenue held held that where assessee paid lease rent to a group company in respect of wind farm taken on lease, since lease rent was fixed in accordance with formula provided by Indian Renewable Energy Development, a Government of India Company, impugned disallowance made by Assessing Officer under section 40A(2)(b) was to be set aside. Disallowance pertaining to adjustment under the head payment of overseas support fees - HELD THAT:- Issue decided in favour of assessee as relying on own case.
|