Case Law Details
VST Motor Ltd Vs ACIT (ITAT Chennai)
ITAT Chennai held that towards professional and technical services for developing of web enabled software SIBIL for marketing related information, which in our view is payment for technical services and the same is subject to deduction of tax at source.
Facts- The assessee is a limited company engaged in the business of purchase and sale of trucks and motor cars and its spare parts. Income of Rs.5,44,68,360/- declared in the return filed on 29.09.2009 for the AY 2009-10.
Case selected for scrutiny through CASS followed by serving of notice u/s.143(2) & 143(1) of the Income Tax Act, 1961 (in short “the Act”). Ld.AO carried out the assessment proceedings considering the submissions filed by the assessee, made disallowances under various heads which mainly included disallowance of 15% of the total discount offered during the year and accordingly, assessed the income at Rs.9,12,24,765/-.
Aggrieved, the assessee preferred an appeal before the Ld.CIT(A), but failed to succeed on any of the issues.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
