Deputy Commissioner of Income Tax, Civic Centre, New Delhi Vs. M/s YA Auto Industries
Parties Involved
Facts Summary
The assessee, a partnership firm, was incorporated on 28th June 2016 and was constituted by four partners. The firm was engaged in the manufacturing of auto parts with the support of M/s Minda Industries Limited. For the assessment year 2017-18, the assessee filed its return of income declaring a taxable income of `5,73,17,790/- on a turnover of `33.16 crores. The assessee's case was selected for scrutiny, and the Assessing Officer disallowed certain additions, including royalty and consultancy charges paid to M/s Minda Industries Limited, capital introduced by various partners, and unexplained expenditure. The assessee appealed against these additions before the first appellate authority, which deleted all the additions made by the Assessing Officer.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Disallowance of royalty and consultancy charges paid to M/s Minda Industries Limited
- 2. Addition of `1,90,36,310/- being capital contribution of the partners
- 3. Addition of `16,92,380/- representing certain expenses claimed by the assessee
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
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ITAs No.1705, 1372, 1373, 1706 & 1374/Del/2023