https://www.taxtmi.com/caselaws?id=424320 Search statements, seized material and corroborative accounting discrepancies were treated as sufficient to sustain additions for bogus purchases, while a separate speed-money addition was telescoped because the same funds were shown to arise from those purchases. The section 14A disallowance was remanded for fresh examination in light of the later amendment and the applicable legal position. Interest disallowance under section 36(1)(iii) failed because interest-free funds exceeded advances to subsidiaries, attracting the presumption that the advances came from such funds. The remaining disallowances under section 80IA, section 43B, bad debts, liquidated damages and ad hoc expenses were largely sustained, with limited relief only where contractual liability was proved. en-us Fri, 24 Jun 2022 00:00:00 +0530 Mon, 22 Aug 2022 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424320 Search statements, seized material and corroborative accounting discrepancies were treated as sufficient to sustain additions for bogus purchases, while a separate speed-money addition was telescoped because the same funds were shown to arise from those purchases. The section 14A disallowance was remanded for fresh examination in light of the later amendment and the applicable legal position. Interest disallowance under section 36(1)(iii) failed because interest-free funds exceeded advances to subsidiaries, attracting the presumption that the advances came from such funds. The remaining disallowances under section 80IA, section 43B, bad debts, liquidated damages and ad hoc expenses were largely sustained, with limited relief only where contractual liability was proved. Case-Laws Income Tax Fri, 24 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424320