ITAT Deletes TP Adjustment as Fixed Assets Written Off Were Not Operating Costs

Advertisement Owens-Corning (India) Private Limited Vs ACIT (ITAT Mumbai) The assessee appealed against the assessment order dated 23.08.2017 passed under Sections 143(3) read with 144C(13) of the Income-tax Act for the relevant assessment year. The appeal involved issues relating to transfer pricing adjustment, amortisation of leasehold land premium, depreciation, and disallowance of provisions for expenses. Transfer Pricing Adjustment The principal dispute concerned a transfer pricing adjustment of ₹19,21,38,016 relating to the manufacturing segment. The Transfer Pricing Officer (TPO) d...