Royalty TP Adjustment deleted as TNMM Accepted as Most Appropriate Method

Advertisement Schaeffler India Limited Vs ACIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, decided a batch of cross appeals filed by the assessee and the Revenue relating to Assessment Years 2010-11 to 2014-15. The Tribunal first condoned a one-day delay in filing the Department’s appeal after accepting the explanation regarding receipt of the Memorandum of Authorization and the intervening holiday. It proceeded to decide the issues for Assessment Year 2010-11, observing that its findings would apply to the remaining years wherever the facts were identical. A...