https://www.taxtmi.com/caselaws?id=376665 The tribunal ruled in favor of the assessee on multiple issues. It held that the transfer of shares to group companies was not a colorable device and directed the AO to treat it as a gift, exempt under Section 47(iii) of the Act. The tribunal also directed the deletion of disallowances related to interest under Section 36(1)(iii) and Section 14A read with Rule 8D, emphasizing commercial expediency and the absence of exempt income. Additionally, the tribunal ordered the deletion of the addition made under Section 68 concerning share premium, recognizing it as a capital receipt. en-us Thu, 28 Feb 2019 00:00:00 +0530 Wed, 13 Mar 2019 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376665 The tribunal ruled in favor of the assessee on multiple issues. It held that the transfer of shares to group companies was not a colorable device and directed the AO to treat it as a gift, exempt under Section 47(iii) of the Act. The tribunal also directed the deletion of disallowances related to interest under Section 36(1)(iii) and Section 14A read with Rule 8D, emphasizing commercial expediency and the absence of exempt income. Additionally, the tribunal ordered the deletion of the addition made under Section 68 concerning share premium, recognizing it as a capital receipt. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376665