Effect of depreciation must be excluded for determining fair and true profit for purpose of TNMM: ITAT Kolkata

Jamshedpur Continuous Annealing & Processing Company Pvt. Ltd. Vs National e-Assessment Centre (ITAT Kolkata) ITAT Kolkata held that for determining fair and true profit for the purpose of application of Transactional Net Margin Method (TNMM), it is appropriate that the effect of depreciation must be excluded. Facts- Jamshedpur Continuous Annealing & Processing Co. Pvt Ltd was incorporated on 17th March 2011 as a wholly owned subsidiary of Tata Steel Limited (TSL). It was later converted into a Joint Venture (JV) between TSL and Nippon Steel and Sumitomo Metal Corporation (NSSMC) on 17...