Functional comparability under TNMM: broadcasters excluded, software distributors included, and no separate interest on receivables after working capi...
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Disallowance of purchases under section 37 was challenged where the assessee produced invoices, bank statements showing payments through banking channels, supplier confirmations and GST returns; the Tribunal held that production of these documents discharged the assessee's primary onus and, absent affirmative contrary material from the revenue proving suppliers non-existent or payments returned as cashback, the AO/first appellate authority could not draw an adverse inference to disallow entire purchases. Reliance on precedent supporting that complete disallowance is impermissible when supporting documents are furnished; disallowance deleted.
Disallowance of purchases under section 37 was challenged where the assessee produced invoices, bank statements showing payments through banking channels, supplier confirmations and GST returns; the Tribunal held that production of these documents discharged the assessee's primary onus and, absent affirmative contrary material from the revenue proving suppliers non-existent or payments returned as cashback, the AO/first appellate authority could not draw an adverse inference to disallow entire purchases. Reliance on precedent supporting that complete disallowance is impermissible when supporting documents are furnished; disallowance deleted.
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