https://www.taxtmi.com/caselaws?id=776104 ITAT Hyderabad set aside the AO's and DRP's additions regarding interest on CCDs, directing use of SBI-PLR instead of LIBOR plus 200 bps for benchmarking interest paid. The Tribunal also reversed imputed interest on overdue trade receivables, ordering application of LIBOR plus 200 bps after a 30-day credit period. Depreciation on goodwill arising from amalgamation was disallowed, as the goodwill was deemed not genuine. On disallowance under section 14A read with Rule 8D, the Tribunal allowed deduction of expenditure already disallowed by the assessee and reduced the addition accordingly. Deduction under section 10AA was allowed on enhanced profits post disallowance of goodwill depreciation. The claim for deduction under section 80G was remanded for reassessment due to lack of clarity on the source of donations. Foreign tax credit claim was to be verified and allowed if in order. Interest under sections 234B and 234D to be recomputed based on revised income. en-us Mon, 30 Jun 2025 00:00:00 +0530 Tue, 05 Aug 2025 07:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776104 ITAT Hyderabad set aside the AO's and DRP's additions regarding interest on CCDs, directing use of SBI-PLR instead of LIBOR plus 200 bps for benchmarking interest paid. The Tribunal also reversed imputed interest on overdue trade receivables, ordering application of LIBOR plus 200 bps after a 30-day credit period. Depreciation on goodwill arising from amalgamation was disallowed, as the goodwill was deemed not genuine. On disallowance under section 14A read with Rule 8D, the Tribunal allowed deduction of expenditure already disallowed by the assessee and reduced the addition accordingly. Deduction under section 10AA was allowed on enhanced profits post disallowance of goodwill depreciation. The claim for deduction under section 80G was remanded for reassessment due to lack of clarity on the source of donations. Foreign tax credit claim was to be verified and allowed if in order. Interest under sections 234B and 234D to be recomputed based on revised income. Case-Laws Income Tax Mon, 30 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776104