Transition support services from corporate spinoff for India business segment - TP adjustment deleted; comparables reassessed; goodwill depreciation, ...
Qualification of fire extinguishers as aircraft parts - original duty finding under Notification No.50/2017-Sr.545 vacated; remanded for fresh adjudic...
The dominant issue was whether cash of ₹25 crore, alleged to be advanced as an unrecorded loan based on directors' statements, could be taxed as unexplained money under s. 69A read with s. 115BBE. The appellate authority accepted the assessee's explanation supported by a contemporaneous loan agreement and consistent business conduct as an NBFC charging high interest on loans with corresponding TDS credits reflected in returns; the Revenue failed to disprove the agreement's authenticity or identify any infirmity in the findings. Consequently, deletion of the addition was affirmed and the Revenue's appeal was dismissed. - ITAT
The dominant issue was whether cash of ₹25 crore, alleged to be advanced as an unrecorded loan based on directors' statements, could be taxed as unexplained money under s. 69A read with s. 115BBE. The appellate authority accepted the assessee's explanation supported by a contemporaneous loan agreement and consistent business conduct as an NBFC charging high interest on loans with corresponding TDS credits reflected in returns; the Revenue failed to disprove the agreement's authenticity or identify any infirmity in the findings. Consequently, deletion of the addition was affirmed and the Revenue's appeal was dismissed. - ITAT
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