Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
The ITAT held that an outstanding balance taken over under a Business Transfer Agreement in a slump sale could not be treated as an interest-free advance to a group company for making a deemed interest addition. It accepted that the amount was not an actual loan from borrowed funds but part of a commercially expedient business arrangement, and also relied on the Revenue's consistent acceptance of the same position in later years. The Tribunal further found that a larger notional disallowance was untenable where the actual interest debited in the year was minimal. The impugned addition was deleted and income was directed to be recomputed accordingly.
The ITAT held that an outstanding balance taken over under a Business Transfer Agreement in a slump sale could not be treated as an interest-free advance to a group company for making a deemed interest addition. It accepted that the amount was not an actual loan from borrowed funds but part of a commercially expedient business arrangement, and also relied on the Revenue's consistent acceptance of the same position in later years. The Tribunal further found that a larger notional disallowance was untenable where the actual interest debited in the year was minimal. The impugned addition was deleted and income was directed to be recomputed accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
