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2022 (12) TMI 246 - ITAT CHENNAITP Adjustemnt - TPO included 10% addition of the total quantum on import of machinery and tools without any supporting documents and had asked for standard deduction +/- 5% - Assessee prayed that the matter may be remanded back to TPO with a direction to deal the arbitrary addition of 10% - net loss on the foreign currency transactions - whether it is only the notional loss or paper loss and it was not a crystallized loss? - HELD THAT:- We considered the issues and relied on the documents available on record. All the issues together are remanded back to the learned AO for de novo adjudication. AO should consider afresh on the basis of the above mentioned discussion. Assessee pointed out that the foreign exchange loss is a genuine loss which is not at all a notional loss. The Assessee was also directed to submit all relevant documents before the learned Assessing Officer to substantiate its claim. Nonetheless, a reasonable opportunity should be allowed to the Assessee for redressal of its grievances. Disallowance payment of profit which is of the Employees State Insurance - HELD THAT:- The issues were highly discussed in different orders in the Co-ordinate Benches. He mentioned that the payment was made before the due date of filing the return u/s.139(1) of the Act. But at this moment, we are unable to verify the payment details. So, the issue is remanded back to the learned Assessing Officer for further adjudication. Disallwoance u/s 14A r.w.r. 8D - HELD THAT:- Assessee mentioned that no expenditure was incurred for the Assessment Year 2013 – 2014, the controversial situation on the fact between the Revenue and parties. The issue is further remanded back to the learned Assessing Officer for further verification in the light of the Assessee’s payment. The Assessee should be given a reasonable opportunity to substantiate his claim. Disallowance u/s.40(ia) - non-deduction of TDS and Royalty and Guarantee Fees and Professional Charges - HELD THAT:- Assessee mentioned about the CBDT Circular No.5/2015 dated 15.07.2005 and mentioned that the TDS deduction in the previous year but paid in the subsequent year after the time limit prescribed u/s.200(1) of the Income Tax Act, 1961 shall be allowed for deduction. The amount was remitted for the Assessment Year 2011 – 2012 and 2012 – 2013. The other issue related to the disallowance of expenses in relation to the scientific research and all the issues are remanded back to the learned AO for further adjudication as because at this stage as there is no such sufficient documentation for adjudicating the issue under factual matrix.
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