ITO Vs RKB Services Pvt. Ltd. (ITAT Kolkata)
In this case huge additions were made in the hands of the share allottee companies in their scrutiny assessment u/s 143(3) of the Act. Again making the addition in the case of the assessee company would tantamount to double addition. The Ld. CIT(A) relied on the judgement of the Hon’ble Supreme Court in the case of CIT vs Gyscoal Alloys Ltd. in R/Tax Appeal No. 180 of 2018 for the proposition that addition cannot be made of share capital received from group companies. We find no infirmity in the finding of the Ld. CIT(A). The Ld. DR could not point out any factual inefficiency in the order of the Ld. CIT(A). The order of the Ld. CIT(A) is in accordance with law.
FULL TEXT OF THE ORDER OF ITAT KOLKATA
This is an appeal filed by the revenue directed against the order of the Commissioner of Income Tax-(A) – 7, Kolkata dated 28.03.2019 passed u/s 250 of the Income Tax Act, 1961 (the ‘Act ‘) relating to A.Y. 2013-14.
2. There is delay of 16 days in filing of the appeal. After perusing the petition for condonation of delay, we are convinced that the revenue was prevented from reasonable cause for filing of the appeal in time. Hence we condone the delay and admit the appeal.
