Section 56 (2)(vii) not Applicable to Non-Resident: ITAT deletes Income Tax Addition of Rs. 9.31 Cr [Read Order]

Section 56(2) (viib) of Income Tax Act which covered only resident payers
By Aiswarya Krishnadas - On July 6, 2024 11:29 am - 2 mins read
Income Tax - ITAT - ITAT delhi - Section 56 (2)(vii) - Income Tax Appellate Tribunal - non applicability - Income Tax Addition - taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs. 9.31 crore citing the non-applicability of Section 56(2)(vii) to non-residents. The assessee is a private limited Company engaged in third-party logistics specialist serving the automotive sector in India. Incorporated in 2012, the company is a joint venture of two of…

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