Section 56(2)(vii) inapplicable to non-residents: ITAT Delhi

APL Logistics Vascor Automotive Private Limited Vs AO (ITAT Delhi) In the case of APL Logistics Vascor Automotive Private Limited Vs AO (ITAT Delhi), the dispute centered on various additions made by the Assessing Officer (AO) during scrutiny under section 143(2) of the Income Tax Act, 1961. APL Logistics Vascor Automotive Pvt. Ltd., a joint venture specializing in third-party logistics for the automotive sector, had filed its return declaring a loss of INR 15,47,16,019. The AO identified several issues including non-deduction of TDS, discrepancies in audit reports, unverified PAN details of p...