ITAT Sets Aside CPC’s Adjustment, allows Pfizer’s Claim u/s 43B

The ITAT has set aside the CPC’s adjustment and allowed Pfizer's claim under Section 43B of the Income Tax Act. The case involved an adjustment made by the Centralized Processing Centre (CPC) regarding Pfizer's tax filings. The ITAT found that the CPC's adjustment was incorrect and allowed the company’s claim under Section 43B, which pertains to the timing of deductions for certain expenses. This ruling is a significant win for Pfizer, as it clarifies the correct application of Section 43B and ensures that businesses can claim deductions in accordance with the law.