{"id":31907,"date":"2023-01-09T10:50:37","date_gmt":"2023-01-09T05:20:37","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-sandvik-asia-pvt-ltd-2022449-itr-312-bom-hc\/"},"modified":"2023-01-27T12:36:35","modified_gmt":"2023-01-27T07:06:35","slug":"pcit-v-sandvik-asia-pvt-ltd-2022449-itr-312-bom-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-sandvik-asia-pvt-ltd-2022449-itr-312-bom-hc\/","title":{"rendered":"PCIT v. Sandvik Asia Pvt. Ltd. (2022)449 ITR 312\/ 289 Taxman 342 (Bom.)(HC)"},"content":{"rendered":"<p>The question before the High Court was \u201c whether on the facts and circumstances of the case and in law, the Income-tax Appellate Tribunal was justified in allowing the losses suffered by newly set up export oriented unit against its other business income \u201c\u00a0 Dismissing the appeal of the Revenue the Court held that the Tribunal was right in allowing set off of the losses suffered by the newly set up export oriented unit against its other business income. As regards other issues such as payment of management\u00a0 fees, transfer pricing adjustment, closing stock addition, provision for absolute inventory valuation of stock on scientific basis. Order of Tribunal is affirmed. Followed\u00a0 Rotork Controls India.P. Ltd v. CIT (2009) 314 ITR 62 (SC), Hindustan Unilever Ltd. v. Dy. CIT (2010) 325 ITR 102 (Bom)(HC), CIT v. Galaxy Surfactants Ltd (2012) 343 ITR 108 (Bom)(HC).<em>(<\/em>AY.2005-06)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 10B : Export oriented undertakings-Deduction and not exemption-Set off of losses-Loss from  export oriented undertakings-Can be set off  against other business income-Payment of management fees-Transfer pricing adjustment-Closing stock addition-Provision for absolute inventory-Valuation of stock on scientific basis-Question of fact.  [S. 70, 71, , 92C,260A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-31907","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8iD","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=31907"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31907\/revisions"}],"predecessor-version":[{"id":32089,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31907\/revisions\/32089"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=31907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=31907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=31907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}