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2023 (4) TMI 59 - AT - Income Tax
TP Adjustment - comparable selection - turnover filter - HELD THAT:- We notice that the issue of applying the upper turnover filter of 200 cores has been considered by the coordinate bench in the case of Autodesk India Pvt.Ltd. [2018 (7) TMI 1862 - ITAT BANGALORE] - thus we hold that companies listed below whose turnover in the current year is more than Rs.200 Crores should be excluded from the list of comparable companies.
TP adjustment towards AMP expenses - TPO held that the AMP expenses incurred by the assessee is a separate international transaction and proceeded to make the TP adjustments towards the same - HELD THAT:- Considering the above facts and respectfully following the decision of the coordinate bench in assessee’s own case for AY 2017-18 [2022 (9) TMI 1233 - ITAT BANGALORE] we hold that no adjustment is required to be made towards AMP expenses and the same cannot be treated as a separate international transaction when TPO has not otherwise rejected the margins of the assessee in the trading segment. The TP adjustment made in this regard is therefore deleted.
Disallowance in respect of employee’s contribution to PF - HELD THAT:- We notice that the Hon’ble Supreme Court in the case of Checkmate Services [2022 (10) TMI 617 - SUPREME COURT] has considered the issue of whether the employees contribution paid before due date for filing the return of income u/s.139(1) whether otherwise allowable u/s.43B, putting to rest the contradicting decisions of various High Court. Thus employees contribution to PF and ESI should be remitted before the due date as per explanation to section 36(1)(va) i.e. on or before the due date under the relevant employee welfare legislation like PF Act, ESI Act etc., for the same to be otherwise allowable u/s.43B. The grounds taken by the assessee on this issue is dismissed.