Addition cannot be made for mere appearance of a transaction in AIR

IN THE ITAT Mumbai Bench ‘L’ Threadneedle Investment Fund ICVC Asia Fund Versus Assistant Director of Income-tax (International Taxation) – 2(2) IT APPEAL NO. 8016 (MUM.) OF 2011 [ASSESSMENT YEAR 2008-09] NOVEMBER 27, 2012 ORDER B. Ramakotaiah, Accountant Member This is assessee’s appeal against the order of AO which was ii pursuance of order of the DRP-II Mumbai under section 143(3) r.w. section 144C(13) of the I.T. Act. 2. Briefly stated, assessee a foreign company is in the business of FIIs/Sub Account (Investment in Indian Capital Market). It filed ...