2020 (8) TMI 130 - AT - Income Tax

TP Adjustment - existence of international transaction of the AMP - HELD THAT:- In view of the binding precedent, following the decision of the Tribunal, we hereby direct to delete adjustment made on account of AMP transactions. The corresponding grounds raised are accordingly allowed.

Disallowance on capital asset treated as a stock-in-trade - HELD THAT:- We allow the ground of the appeal and direct the AO to recompute the depreciation and allow the necessary relief to the assessee. The ground No.6 of the appeal is accordingly allowed for statistical purposes.

Credit of the advance fringe benefit tax and TDS - HELD THAT:- Allowing of the credit of the taxes paid by the assessee is matter of the verification by the Assessing Officer and therefore, accordingly we direct the Learned AO for verification of the taxes paid and allow the credit in accordance with the law. This ground of the appeal is also allowed for statistical purposes.