Delhi High Court: 30% Disallowance u/s 40(a)(ia) for Expenses; Re-compute Net Losses After Deduction Adjustments.

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....Income accrued in India - Business Connection and Permanent Establishment - As the position of the profit/loss of the assessee is evident. After deduction of the distribution expenses and 15% booking fee, the assessee is left with no taxable profit. Considering the disallowance @ 30% u/s. 40(a)(ia) in accordance with the law laid down by the Hon'ble Delhi High court, , we hereby direct the AO to re-compute the net losses computing the disallowance on other expenses @ 30%. - AT....