ITAT Excludes Inter-Branch Transfers from Turnover, Grants Concessional Tax Rate to Power and Instrumentation Ltd.

The ITAT ruled to exclude inter-branch transfers from turnover and granted a concessional tax rate to Power and Instrumentation Ltd. The case involved a dispute regarding the tax treatment of inter-branch transfers, which the ITAT decided should not be included in the turnover for the purposes of tax calculation. The tribunal also ruled that Power and Instrumentation Ltd. was entitled to a concessional tax rate, recognizing the company’s special circumstances and tax benefits available under specific provisions. This decision clarifies the treatment of inter-branch transfers and sets a precedent for future cases involving similar issues.