Revenue-neutral domestic transfer pricing and mirror transactions justified deletion of related-party adjustments for operation, maintenance and port ...
The case involved legality of assessment u/s 153A without search or Panchnama. The search warrant named the assessee company, rejecting the objection. No incriminating material was found during search, challenging the applicability of section 153A. Unexplained cash credit additions lacked proper investigation, leading to deletion of Rs. 3,70,000 addition. Income deposited in cash was declared and documented, leading to deletion of Rs. 10,50,000 addition. Addition u/s 68 was disputed, with relief granted by CIT(A). Disallowance of depreciation on vehicle was found baseless. CIT(A) upheld unexplained cash credit appeal, rejecting Department's challenge on genuineness. Overall, Department's appeal was dismissed due to lack of merit.
The case involved legality of assessment u/s 153A without search or Panchnama. The search warrant named the assessee company, rejecting the objection. No incriminating material was found during search, challenging the applicability of section 153A. Unexplained cash credit additions lacked proper investigation, leading to deletion of Rs. 3,70,000 addition. Income deposited in cash was declared and documented, leading to deletion of Rs. 10,50,000 addition. Addition u/s 68 was disputed, with relief granted by CIT(A). Disallowance of depreciation on vehicle was found baseless. CIT(A) upheld unexplained cash credit appeal, rejecting Department's challenge on genuineness. Overall, Department's appeal was dismissed due to lack of merit.
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