https://www.taxtmi.com/caselaws?id=763476 ITAT Delhi ruled in favor of the assessee on multiple grounds. The tribunal held that no interest adjustment was required on outstanding receivables from associated enterprises since the assessee was debt-free with no interest expenditure, following Boeing India precedent. The TPO's failure to grant working capital adjustment as directed by DRP violated section 144C(10). The tribunal allowed section 35DD deduction for one-fifth of amalgamation expenditure, citing Goetze India SC decision that appellate restrictions don't apply to tribunals. Interest under sections 234B and 234C was addressed as consequential matters. en-us Wed, 18 Dec 2024 00:00:00 +0530 Fri, 20 Dec 2024 08:46:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763476 ITAT Delhi ruled in favor of the assessee on multiple grounds. The tribunal held that no interest adjustment was required on outstanding receivables from associated enterprises since the assessee was debt-free with no interest expenditure, following Boeing India precedent. The TPO's failure to grant working capital adjustment as directed by DRP violated section 144C(10). The tribunal allowed section 35DD deduction for one-fifth of amalgamation expenditure, citing Goetze India SC decision that appellate restrictions don't apply to tribunals. Interest under sections 234B and 234C was addressed as consequential matters. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763476