Section 40A(2) Disallowance of Expenses: Alleged Profit Shifting to Related Partnership Firm Deemed Baseless and Deleted.

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....Addition u/s 40A(2) - Allegation of Excessive price paid to related parties - The provisions of section 40A(2) of the Act applies for making disallowance of expenses for payments, which have been claimed as deduction in computation of profit & loss account of business and it shall not apply for income or gains under any circumstances. - the addition made on account of shifting of profit of the assessee company to its sister concern, a partnership firm is without any basis - Additions deleted - AT....