Addition u/s. 28(iv) towards import of assets free of cost not justified since no benefit derived

Samsung R&D Institute India – Bangalore Pvt Ltd Vs JCIT (ITAT Bangalore) ITAT Bangalore held that addition u/s. 28(iv) of the Income Tax Act not justified since the assets imported free of cost for testing purposes are either returned or destroyed by the assessee and that the pricing towards software development services rendered are agreed under Mutual Agreement Procedure (MAP). Facts- The assessee is a wholly owned subsidiary of Samsung Electronics Company Ltd. The assessee filed the return of income for AY 2015-16 on 30.11.2015 declaring a total income of Rs. 238,85,10,090/-. Sinc...