Addition made u/s. 69 on account of Transfer Pricing (TP) ...
Income Tax
April 7, 2021
Addition made u/s. 69 on account of Transfer Pricing (TP) adjustment - Assessee cannot be expected to prove negative. The onus is on the Department to substantiate that the assessee has advanced amount to Rabobank London for loan to Tata Tea UK or assessee's funds have been diverted in any manner to fund part of said loan. We find that the TPO and the assessing Officer in draft assessment order has placed reliance solely on the letters furnished by an employee of the assessee without there being any corroborative evidence for making addition u/s. 69 - AT
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