Circular Transactions within Group Entities not Considered Income for Assessee: ITAT [Read Order]
The AO was directed to exclude these amounts when calculating profits for the respective assessment years, leading to a partial allowance of the assessee's appeal
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) ruled that circular transactions within group entities would not be considered income for the assessee. V.V. Titanium Pigments Pvt.Ltd ,the appellant-assessee, was established in 1994 and engaged in the manufacturing and sale of anatase grade Titanium dioxide.Following a search action on the assessee group on 25-10-2018,…
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