Case Law Details
IBM India Private Limited Vs Asst.CIT (ITAT Bangalore)
Held that there is no requirement for maintaining separate books of account for claiming deduction under section 10A/10AA of the Act, and books of account maintained by assessee is sufficient to enable computation of profits of various SEZ units.
Facts-
The assessee herein is a group company of M/s IBM Organisation. It functions include providing services to its group companies and undertaking distribution of group company’s products. It is engaged in the business of trading, leasing and financing of computer hardware, maintenance of computer equipment. It also provides software related services. The AO proposed various additions in the draft assessment orders of both the years, which were objected to by the assessee before Ld DRP. After receipt of directions from Ld DRP, the AO completed the assessments of both the yearsby making various additions.The assessee has preferred these appeals against the assessment orders so passed by the AO for both the years. The revenue has filed appeal for AY 2010-11 challenging relief granted by Ld DRP in that year.
Conclusion-
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