Zycus Infotech Pvt. Ltd. vs. Deputy Commissioner of Income Tax
Parties Involved
Facts Summary
The assessee, Zycus Infotech Pvt. Ltd., filed its return of income on 10/02/2021 under Section 139(1) of the Income Tax Act, declaring a business loss of Rs.4,90,93,029/-. The case was selected for scrutiny under Section 143(3) due to large international transactions, low profitability, and other factors. The assessee filed objections before the Dispute Resolution Panel (DRP) against the draft assessment order passed by the Assessing Officer (AO). The DRP confirmed the adjustment on account of Corporate Guarantee but deleted the adjustment in respect of Software Development Services. The assessee appealed against the final assessment order passed by the AO, challenging the addition made on account of Corporate Guarantee.…
Decision in favour of
Assessee
Legal Issues
- 1. The assessee challenges the addition made on account of Corporate Guarantee.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
3 precedents cited in this judgement.
Similar Judgements
Noida Towers Private Limited vs. Assessment Unit
McKinsey Global Capabilities & Service P. Ltd. vs. Additional/Joint/Deputy/Assistant Commissioner of Income Tax
OSI Energy Automation India Private Ltd. vs. The Deputy Commissioner of Income Tax
Bangalore benchAY 2021-22Partly AllowedComparex India P. Ltd. vs. ITO, Circle 4 (2), New Delhi
Delhi benchTata Consumer Products Limited vs. Assistant Commissioner of Income Tax
Kolkata Bench benchAY 2021-22Partly AllowedMaersk Tankers India Private Limited Vs. ACIT Circle
Mumbai benchAY 2022-23Allowed