Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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The Income Tax Appellate Tribunal allowed the assessee's appeal and directed the Assessing Officer to permit the deduction of bad debts claimed u/s 37(1) of the Income Tax Act. The Tribunal held that the authorities below misunderstood the facts and failed to appreciate the prevailing business scenario. Venturing into diverse sectors is common for large corporate houses. The assessee's investment in the subsidiary was part of its business, and after a long gestation period, the question of it not being part of the assessee's business was ruled out. The Tribunal relied on Supreme Court judgments to strengthen the assessee's case.
The Income Tax Appellate Tribunal allowed the assessee's appeal and directed the Assessing Officer to permit the deduction of bad debts claimed u/s 37(1) of the Income Tax Act. The Tribunal held that the authorities below misunderstood the facts and failed to appreciate the prevailing business scenario. Venturing into diverse sectors is common for large corporate houses. The assessee's investment in the subsidiary was part of its business, and after a long gestation period, the question of it not being part of the assessee's business was ruled out. The Tribunal relied on Supreme Court judgments to strengthen the assessee's case.
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