ITAT Delhi Quashed Double Additions on Recorded Expenses & Sales Figures

Timex Group India Ltd. Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal, Delhi adjudicated cross appeals filed by the assessee and the Revenue against the order of the Commissioner of Income Tax (Appeals)-44, New Delhi dated 24.06.2019 for Assessment Year 2014–15. At the outset, both sides confirmed that all transfer pricing issues, including Advertisement, Marketing and Sales Promotion (AMP) expenditure, stood settled under an Advance Pricing Arrangement (APA). Accordingly, the assessee withdrew grounds relating to AMP, and the Revenue’s appeal—confined entirely to transfer pricin...