ITAT deletes Notional Interest in Absence of Proof to Treat Share Application Money in Hands of Overseas AE as ‘Loan’ [Read Order]

The ITAT deleted a transfer pricing addition made by the TPO on account of notional interest on share application money paid by assessee to its AEs
ITAT - Income Tax - Income Tax Appellate Tribunal - ITAT Mumbai - TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the notional interest in absence of proof to treat share application money in hands of overseas Associated Enterprises ( AE ) as ‘loan’. It was held that when no income had accrued from the transaction of remittance of share application money by…

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