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2017 (10) TMI 998 - AT - Income Tax
Transfer pricing adjustment on account of AMP Expenses - Held that:- Abnormal expenses incurred under the head AMP cannot be termed as international transaction and thus the AO had wrongly invoked the provisions of Chapter X of the Act for the said AMP spent, thus the addition is therefore directed to be deleted.
Adjustment on account of notional interest attributable to delayed payments receivable from the AE - Held that:- The amendment in section 92B, at least to the extent it dealt with the question of issuance of corporate guarantees, is effective from 1-4-2012. The assessment year being an assessment year prior to that date, the amended provisions of section 92B have no application in the matter. Additions deleted
Disallowance of deduction under section 10A - Held that:- The impugned order of the ITAT in the case of AIPL for AY 2009-10 on the issue of allowing the deduction under Section 10A of the Act suffers from no legal infirmity either in its analysis of the legal provisions or in its conclusions. The Court is not inclined to frame any question of law on the issue concerning a Section 10A deduction in the appeal of the Revenue against AIPL for AY 2009-10. We direct the Assessing Officer to allow the deduction claimed under section 10A of the Act by the assessee
Addition u/s 14A - Held that:- Section 14A will not apply if no exempt income is received or receivable during the relevant previous year. Thus additions deleted.
Assessing interest on income tax refund as income from other sources - Held that:- In the instant case the fact that the interest was withdrawn in the year under consideration itself or in the subsequent year, is not clear from the order of the authorities below. It is also not clear what is the amount which has been withdrawn subsequently. The relevant ITNS-150 has not been produced before us. In the facts and circumstances of the case, we feel it appropriate to restore the issue to the file of the Assessing Officer for adjudication after appreciation of the facts and in the light of the decision cited by the Ld. counsel of the assessee. The assessee shall be afforded adequate opportunity of being heard. The ground of appeal is accordingly allowed for statistical purpose.