ZF Steering Gear India Ltd Loses Tax Deduction Claim for Assessment Years 1995-96 to 2004-05

ZF Steering Gear India Ltd has lost its claim for deduction under Sections 80-IA and 80-IB of the Income-tax Act, 1961 for Assessment Years 1995-96 to 2004-05. The Income Tax Appellate Tribunal, Pune Bench, had restored the matter to the file of the Commissioner of Income Tax (Appeals) for fresh adjudication. The CIT(A)-28, Delhi, has disposed of the appeals and disallowed the Company’s claim for deduction. The Company had already discharged the entire tax demand arising on account of such disallowances during the original assessment proceedings. The Company is in the process of filing rectification applications/further appeals before the higher appellate authorities against the orders.