Allowability of expenditure u/s 40A(2) for the transfer pricing made in respect of specified domestic transaction not sustainable: ITAT directs Re-Adjudication [Read Order]

Allowability of expenditure - transfer pricing - respect - specified domestic transaction - sustainable-ITAT - Re-Adjudication-RAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that provisions of Section 40A (2) of the IT act governs the allowability of expenditure, thus the assessment of AO unsustainable. The assessee made the appeal on the grounds that: – 1.Disallowance / transfer pricing adjustment of purchase of guar gum (split) amounting to…

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