https://www.taxtmi.com/caselaws?id=407477 The Tribunal partially allowed the appeal, ruling in favor of the assessee regarding the Arm's Length Price Adjustment issue by adopting the LIBOR rate for interest calculations on receivables from Associated Enterprises. However, the disallowance of club expenditure and adhoc disallowance of expenditure on freight and repairs were upheld due to lack of substantiation and verifiable documentation, respectively. The judgment highlighted the significance of justifying business expenses and using appropriate interest rate benchmarks for accurate assessments in cross-border transactions. en-us Fri, 07 May 2021 00:00:00 +0530 Wed, 12 May 2021 08:29:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407477 The Tribunal partially allowed the appeal, ruling in favor of the assessee regarding the Arm's Length Price Adjustment issue by adopting the LIBOR rate for interest calculations on receivables from Associated Enterprises. However, the disallowance of club expenditure and adhoc disallowance of expenditure on freight and repairs were upheld due to lack of substantiation and verifiable documentation, respectively. The judgment highlighted the significance of justifying business expenses and using appropriate interest rate benchmarks for accurate assessments in cross-border transactions. Case-Laws Income Tax Fri, 07 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407477