Case Law Details
ITO Vs Pansu Commercial Pvt. Ltd. (ITAT Kolkata)
We hold that the ld. AO had erroneously invoked the provisions of section 68 of the Act, to the facts of the assessee`s case, which, in our considered opinion, are not at all applicable herein. This is a simple case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and instead the consideration was settled through issuance of shares to the respective parties. Hence, we hold that provision of section 68 of the Act are not applicable in the instant case and accordingly the entire addition deserves to be deleted, which has rightly been done by the ld. CIT(A), which does not require any interference. Accordingly, grounds raised by the revenue are dismissed.
FULL TEXT OF THE ITAT JUDGEMENT
The captioned appeal filed by the Revenue, pertaining to assessment year 2012-13, is directed against an order passed by the learned Commissioner of Income Tax (Appeals)-5, Kolkata (in short the ld. ‘CIT(A)’], which in turn arises out of an assessment order passed by the Assessing Officer u/s 143(3) of the Income Tax Act, 1961 ( in short the ‘Act’), dated 21.03.2015.
2. The grievances raised by the Revenue are as follows:
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