Interest accrual, related investment disallowance, loan genuineness and unquoted-share valuation govern the respective tax adjustments and remand.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Interest on inter-corporate deposits was treated as accrued because no new evidence rebutted the appellate finding. Disallowance relating to investment in a limited liability partnership under section 14A and rule 8D was likewise sustained for lack of contrary material. The genuineness of loans alleged to be connected with bank-related kickbacks requires verification of the final Special CBI Court proceedings and their effect on the transactions; that issue was remanded without a merits finding. Capital losses on unquoted-share sales were accepted where valuation followed the book value method under rule 11UA read with section 50CA, no specific defect in the valuer's report was identified, and no registered-valuer reference was made.....