Case Law Details
PCIT Vs New Delhi Tyre House (Delhi High Court)
Introduction: This article delves into the nuanced complexities of the Marketing Assistance Programme (MAP) agreement in the Delhi High Court’s recent decision on PCIT vs. New Delhi Tyre House, addressing delay condonation, income additions, and their implications for Assessment Year (AY) 2013-14.
Delay Condonation and AY 2013-14 Overview: The appellant seeks delay condonation in filing the appeal, raising concerns over a 116-day delay. The article introduces the case, focusing on AY 2013-14.
Income Additions and MAP Agreement Dispute: The Assessing Officer added Rs.3,95,86,272/- to the declared income concerning money received under the MAP agreement. The appeal centers around the intricacies of this addition.
Tribunal’s Observations and Previous AYs: The Tribunal’s past rulings on AYs 2011-12 & 2012-13 are highlighted, emphasizing consistent acceptance of the assessee’s accounting practices regarding MAP agreements.
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