No disallowance on basis of conjecture and surmises with respect to Diversion of profit from partnership firm to assessee company: ITAT [Read Order]

ITAT Ahmedabad - ITAT - Income Tax - ITAT ruling on profit diversion - Partnership firm profit to company - Taxscan

The Ahmedabad  bench Income Tax Appellate Tribunal ( ITAT ) held that no disallowance made on the basis of conjecture and surmises  wu=ith respect to diversion of profit from partnership firm to assessee company. The Assessee  Intas Pharmaceuticals Ltd.is having international transactions with its Associated Enterprises. The assessee advanced certain payment to its AE’s for…

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