Monday, September 17, 2018

CIT(A) was justified in directing TPO to allow working capital adjustment based on OECD formula: ITAT

IT/ILT: In absence of any legal infirmity pointed out in direction of Commissioner (Appeals), Commissioner (Appeals) was justified in allowing assessee's claim of working capital adjustment and directing TPO to grant working capital adjustment based on OECD formula and by taking 10.25 per cent as Prime Lending Rate (PLR)

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...