https://www.taxtmi.com/caselaws?id=310484 ITAT Delhi ruled in favor of the assessee on multiple grounds. The tribunal held that no transfer pricing adjustment was warranted for notional interest on outstanding receivables, allowing a 90-day credit period as established in prior cases. The assessee, as legal successor through amalgamation, was entitled to claim deduction under Section 43B for liabilities taken over from amalgamated companies. MAT credit under Section 115JAA was allowed to be carried forward by the successor company. The tribunal deleted additions under Section 56(2)(viia) as the valuation must follow Rule 11UA methodology, not face value adopted by authorities. TDS and advance tax credits were also granted to the successor entity. en-us Mon, 01 Aug 2022 00:00:00 +0530 Fri, 27 Oct 2023 09:46:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310484 ITAT Delhi ruled in favor of the assessee on multiple grounds. The tribunal held that no transfer pricing adjustment was warranted for notional interest on outstanding receivables, allowing a 90-day credit period as established in prior cases. The assessee, as legal successor through amalgamation, was entitled to claim deduction under Section 43B for liabilities taken over from amalgamated companies. MAT credit under Section 115JAA was allowed to be carried forward by the successor company. The tribunal deleted additions under Section 56(2)(viia) as the valuation must follow Rule 11UA methodology, not face value adopted by authorities. TDS and advance tax credits were also granted to the successor entity. Case-Laws Income Tax Mon, 01 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310484