Intas Pharmaceuticals Wins Dispute Over Profitability Calculations

Intas Pharmaceuticals Limited Vs ACIT (ITAT Ahmedabad)gemini The Income Tax Appellate Tribunal (ITAT) heard the case of Intas Pharmaceuticals Limited (assessee) versus the Assistant Commissioner of Income Tax (ACIT) (ITAT Ahmedabad) (revenue authorities). The issue in the case was the assessee’s profitability calculations for the 2009-10 tax year. Assessee’s Arguments The assessee argued that their profit rates were reasonable and in line with industry standards. They also argued that the tax authorities’ comparison of their profit rates to those of a subsidiary was irrelevan...