ITAT allows Losses due to selling goods at less than cost by Flipkart

JCIT Vs Flipkart India Pvt. Ltd. (ITAT Bangalore) Conclusion: AO was not justified in holding that losses incurred by assessee due to selling goods at less than cost price to e-commerce operators  was to create marketing intangibles assets and therefore the loss to the extent it was created due to predatory pricing should be regarded as capital expenditure incurred by assessee and should be disallowed because where a trader transferred his goods to another trader at a price less than the market price and the transaction was a bonafide one, the taxing authority could not take into account the ...