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Case Law Details

Case Name : ATR Warehousing Private Limited Vs DCIT (ITAT Visakhapatnam)
Appeal Number : I.T.A. No. 88/Viz/2020
Date of Judgement/Order : 21/12/2022
Related Assessment Year : 2013-14
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ATR Warehousing Private Limited Vs DCIT (ITAT Visakhapatnam)

ITAT Visakhapatnam held that merely by converting the share application money by allotting shares at a subsequent date cannot attract the provisions of section 56(2)(viia) of the Income Tax Act 1961 as there is no change in the shareholding pattern subsequent to the allotment of shares by the subsidiary company.

Facts-

The assessee is deriving income from business and capital gains. The main source of business income was license fee collected from the tenants for the warehousing godowns at various places. The case of the assessee was selected for scrutiny but then assessment got abated as search and seizure operations u/s. 132 of the Act was conducted.

In the course of said proceedings several documents and loose sheets were found and seized. Thereafter AO made addition upon the amount which was collected for 1, 93,655 shares and taxed as income from other sources under section 56(2)(viib) of the Income Tax Act 1961. Being aggrieved, the present appeal is filed against the order of the assessing officer assessee filed appeal before the ITAT.

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