Disallowance U/s. 40A(2) is not required to be made for TP adjustments

IN THE ITAT BANGALORE BENCH ‘B’ Toyota Kirloskar Motors (P.) Ltd. Versus Assistant Commissioner of Income-tax IT Appeal No. 828 (Bang.) of 2010 [Assessment year 2003-04] November 22, 2012 ORDER Jason P. Boaz, Accountant Member This appeal by the assessee- company is directed against the order of the Commissioner of Income Tax (Appeals)-IV, Bangalore dated 31.3.2010 for Assessment Year 2003-04. 2. The facts of the case, in brief, are as under : 2.1 The assessee- company (hereinafter referred to as ‘the assessee’) is an Indian company engaged in the manu...