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...
ITAT affirmed the rejection of the assessee's claim that interest on fixed deposits qualified for deduction under section 10AA, holding such interest is taxable as income from other sources unless deposits were made for bona fide business exigencies or to facilitate export operations, and noting consistency where interest had earlier been treated as other income. However, ITAT remanded computation of book profit under section 115JB to the AO for verification and recomputation, and directed fresh adjudication of the s.43B leave-encashment deduction claim to ascertain prior-year disallowance and payment. ITAT also remanded the alleged double addition of interest income for AO verification to ensure correct taxable income assessment.
ITAT affirmed the rejection of the assessee's claim that interest on fixed deposits qualified for deduction under section 10AA, holding such interest is taxable as income from other sources unless deposits were made for bona fide business exigencies or to facilitate export operations, and noting consistency where interest had earlier been treated as other income. However, ITAT remanded computation of book profit under section 115JB to the AO for verification and recomputation, and directed fresh adjudication of the s.43B leave-encashment deduction claim to ascertain prior-year disallowance and payment. ITAT also remanded the alleged double addition of interest income for AO verification to ensure correct taxable income assessment.
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