Chargeability of Deemed Income between Holding and Subsidiary Contradicts Intent of Section 56(2)(viib) of the Income Tax Act : ITAT [Read Order]
The chargeability of deemed income arising from transactions between holding and subsidiary or vice-versa militates against the solemn object of section 56(2)(viib) of the Income Tax Act
The two member bench of the Income Tax Appellate Tribunal ( ITAT ) Delhi, observed that chargeability of deemed income between holding and subsidiary contradicts intent of Section 56(2)(viib) of the Income Tax Act, 1961. The assessee company is engaged in the business of generation of power by non-conventional method using wind. For A.Y. 2015-16,…
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