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ITAT allowed the assessee's appeals, rejecting the claim that the transfer of assets through a restructuring scheme constituted a demerger under section 2(19AA). The tribunal found the transaction was a specific asset transfer to liquidate debts, not meeting demerger criteria. The assets were transferred at fair market value, with the land sold at Rs. 65 crores against an indexed cost of Rs. 68.32 crores, and shares transferred to settle liabilities. The tribunal upheld the assessee's method of recording transactions, deleted disallowances related to notional interest on inter-group loans, section 14A provisions, and staff welfare expenses, essentially ruling in favor of the assessee's computational approach and commercial rationale.
ITAT allowed the assessee's appeals, rejecting the claim that the transfer of assets through a restructuring scheme constituted a demerger under section 2(19AA). The tribunal found the transaction was a specific asset transfer to liquidate debts, not meeting demerger criteria. The assets were transferred at fair market value, with the land sold at Rs. 65 crores against an indexed cost of Rs. 68.32 crores, and shares transferred to settle liabilities. The tribunal upheld the assessee's method of recording transactions, deleted disallowances related to notional interest on inter-group loans, section 14A provisions, and staff welfare expenses, essentially ruling in favor of the assessee's computational approach and commercial rationale.
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