De-notification of Customs Area and termination of Container Freight Station custodian and Customs Cargo Service Provider authority effective 07-01-20...
Transition support services from corporate spinoff for India business segment - TP adjustment deleted; comparables reassessed; goodwill depreciation, ...
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Disallowance of alleged bogus purchases/unexplained expenditure under s. 37 was held unsustainable where the AO relied solely on a third-party's subsequently retracted statement alleging invoice accommodation without delivery, without confronting or rebutting the assessee's documentary evidence. As the assessee produced recorded materials substantiating the expenditure and there was no finding of any actual purchases from the alleged biller (the group being only a transporter), and no corroborative material supporting the statement, a statement alone could not justify the addition. The disallowance was therefore deleted and the appeal of the revenue failed. - ITAT
Disallowance of alleged bogus purchases/unexplained expenditure under s. 37 was held unsustainable where the AO relied solely on a third-party's subsequently retracted statement alleging invoice accommodation without delivery, without confronting or rebutting the assessee's documentary evidence. As the assessee produced recorded materials substantiating the expenditure and there was no finding of any actual purchases from the alleged biller (the group being only a transporter), and no corroborative material supporting the statement, a statement alone could not justify the addition. The disallowance was therefore deleted and the appeal of the revenue failed. - ITAT
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