Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
Disallowance of interest on interest-free loans was rejected as the assessee had utilized meager amounts from surplus funds for non-business purposes. Regarding bogus share capital issue, the ITAT upheld disallowance as the assessee failed to prove the capacity and source of investments by shareholders who had meager income. Conditional benefit was granted to the assessee to submit details of share allotment by respective investors showing source as share application money pending allotment. The appeal was partly allowed.
Disallowance of interest on interest-free loans was rejected as the assessee had utilized meager amounts from surplus funds for non-business purposes. Regarding bogus share capital issue, the ITAT upheld disallowance as the assessee failed to prove the capacity and source of investments by shareholders who had meager income. Conditional benefit was granted to the assessee to submit details of share allotment by respective investors showing source as share application money pending allotment. The appeal was partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
