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TMI Blog2024 (7) TMI 1529X X X X Extracts X X X X X X X X Extracts X X X X ..... 2-13. 2. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in holding that since the Scheme has been approved by the Hon'ble High Court could not have been regarded as a colourable device to avoid payment of the taxes and that the validity and genuineness thereof cannot be questioned. 3. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in holding that the transactions pursuant to the Scheme cannot be regarded as having being carried during the course of business and. therefore, provisions of Section 28(iv) of the Income Tax Act, 1961 ("the Act") are not applicable resulting in deletion of addition amounting to Rs. 46.999.38 crores 4. Whether on the facts and circumstances of the case and in law. the Hon'ble ITAT has erred in deleting the addition amounting to Rs.26.197.67 crores made under Section 56(2)(viia) of the Act. 5. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in holding that amendments made to provisions of Section 47(vii) vide Finance Act 2012 being clarificatory in nature and, therefore, have a retrospective applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unting to Rs.12,66,63,005/- paid by to M/s Siva Ventures Limited. 15. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in deleting the addition of interest amounting to Rs.6.24 crores made in respect of amounts advanced to M/s Charita City Homes Jaunpur Private Limited. 16. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in deleting the addition made amounting to Rs.4,14,944/- on account of notional interest in respect of long outstanding balance of imprest. 17. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in deleting the addition amounting to Rs.90,13,188/- constituting interest expense pertaining to an overdraft facility which in turn were provided to group concern as interest free advance. 18. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in deleting addition amounting to Rs.6,48,65,327/- made in respect of development charges paid to M/s Aishwarya Enterprises. 19. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in deleting the disall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion 12 has also been correctly answered by the ITAT and we find that the respondents correctly held with respect to the deletion of the Transfer Pricing Adjustment on account of interest earned by the assessee in connection with loans granted to its Associated Enterprise [AE]. 6. The ITAT has also made appropriate observations with regard to questions 13 to 18 pertaining to cash payments under Section 40A(3) of the Act read with Rule 6DD(k) of the Income Tax Rules, 1962 [Rules] alongwith development charges, consultancy charges payments made by the assessee and interest paid on amount advanced to various third party companies. 7. While deleting the disallowance on interest paid in respect of delay in payment of Indirect Taxes (Service Tax and VAT), question 19 stands answered by the ITAT as under: "90. After considering the rival submissions, we are of the view that the interest paid in respect of delay in payment of indirect taxes i.e., Service Tax and VAT is not penal in nature. The decision relied upon by Learned Counsel for the Assessee squarely apply to the facts and circumstances of the case. We, accordingly, set aside the orders of the authorities below and delete th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve Business SPVs pursuant to this Scheme. In so far as the various incentives, subsidies, special status and other benefits or privileges enjoyed, granted by any Government body, local authority or by any other person are concerned, the same shall vest with and be available to respective Business SPVs. on the same terms and conditions. In particular and without prejudice to the generality of the foregoing, benefit of all balances relating to CENVAT or Service Tax or VAT being balances pertaining to the Demerged Undertakings, shall stand transferred to and vested in respective Business SPVs as if the transaction giving rise to the said balance or credit was a transaction carried out by respective Business SPVs. The assets and properties pertaining to the Demerged Undertakings shall not be required to be and shall not be physically transferred from any premises or location relating to the Demerged Undertakings and consequently or otherwise, there shall be no withdrawal of or obligation to pay or refund any CENVAT, VAT, Service Tax or other tax or duty pursuant to vesting of Demerged Undertakings in respective Business SPVs in accordance with the Scheme." 12. Insofar as questions per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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