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Section 40A(2) governs allowability of expenditure relating to specified domestic transaction
Case Law Details
- Case Name
- Imperial Mark Trade (I) Pvt. Ltd. Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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Imperial Mark Trade (I) Pvt. Ltd. Vs DCIT (ITAT Mumbai)
ITAT Mumbai held that adjustment on account of examination of the arm’s-length price of the specified domestic transactions is not valid because of deletion of the provisions of Section 92BA (1) of the Act with effect from 1/4/2017. Provisions of Section 40A (2) of the act governs the allowability of those expenditure.
Facts- The present appeal has been filed by the assessee contesting disallowance/ transfer pricing adjustment of high seas purchase of crude palm oil; disallowance/ transfer pricing adjustment of purchase of guar gum (spl...
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