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The Income Tax Appellate Tribunal ruled as follows: Transfer pricing adjustment u/s 92CA(3) for determining arm's length price on interest paid to a related party was deleted. As the order was passed after April 1, 2017, it is covered by the ratio of M/s Texport case, and the addition treating the transaction as a specified domestic transaction is unsustainable. The disallowance u/s 40A(3) for cash payment of Rs. 8,00,000/- to villagers was upheld. The applicability of Section 40A(3) would exclude only cases covered u/r 6DD, and the genuineness of parties or payments was not doubted. The ad-hoc disallowance of 5% on various expenses like travel, promotion, lodging, and pooja expenses was upheld. Since the expenses were supported by self-made vouchers without proper bills, the element of personal claim could not be ruled out. The Tribunal found no infirmity in the CIT(A)'s order sustaining the 5% disallowance.
The Income Tax Appellate Tribunal ruled as follows: Transfer pricing adjustment u/s 92CA(3) for determining arm's length price on interest paid to a related party was deleted. As the order was passed after April 1, 2017, it is covered by the ratio of M/s Texport case, and the addition treating the transaction as a specified domestic transaction is unsustainable. The disallowance u/s 40A(3) for cash payment of Rs. 8,00,000/- to villagers was upheld. The applicability of Section 40A(3) would exclude only cases covered u/r 6DD, and the genuineness of parties or payments was not doubted. The ad-hoc disallowance of 5% on various expenses like travel, promotion, lodging, and pooja expenses was upheld. Since the expenses were supported by self-made vouchers without proper bills, the element of personal claim could not be ruled out. The Tribunal found no infirmity in the CIT(A)'s order sustaining the 5% disallowance.
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