Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Surrendered income arising from business activity was not assessable as unexplained income under the deeming provisions where the record showed only regular business income and no separate unexplained source. The Tribunal applied the principle that, unless the Revenue establishes an independent source outside the business, an amount surrendered in the course of business is treated as normal business income. On that basis, the sustained addition was directed to be assessed as business income and not under the unexplained-income regime, and the appeal was partly allowed.
Surrendered income arising from business activity was not assessable as unexplained income under the deeming provisions where the record showed only regular business income and no separate unexplained source. The Tribunal applied the principle that, unless the Revenue establishes an independent source outside the business, an amount surrendered in the course of business is treated as normal business income. On that basis, the sustained addition was directed to be assessed as business income and not under the unexplained-income regime, and the appeal was partly allowed.
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