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2015 (3) TMI 1359 - AT - Income TaxShortfall in premium for issuance of equity shares by the assessee to its holding company - deemed loan - computation of fair market value of shares issued by the Indian subsidiary to its holding company and shortfall in premium - HELD THAT:- In the case of M/s Shell India Markets Pvt. Ltd. [2014 (11) TMI 897 - BOMBAY HIGH COURT] has again decided the identical issue by following the Judgment in case of Vodafone India Services Pvt. Ltd. [2014 (11) TMI 897 - BOMBAY HIGH COURT] . Accordingly, following the Judgment of Hon’ble Jurisdictional High Court in the case of Vodafone India Services Pvt. Ltd. (supra), we delete the addition made by the authorities below on account of shortfall in premium for issuance of equity shares by the assessee to its holding company has been treated as deemed loan. Credit of TDS - assessee has already filed a petition u/s 154 for grant of credit for tax deducted at source - HELD THAT:- Since the assessee has already filed a petition u/s 154 for grant of credit for tax deducted at source accordingly, we direct AO to verify the claim of assessed and then pass the appropriate order. Revision u/s 263 - HELD THAT:- The assessee objected to the proposed enhancement u/s 263 by the Commissioner. Commissioner passed the impugned order holding that the AO failed to make the adjustment towards the benefit of loan advanced by the assessee to its holding company as income in the hands of the assessee and the order passed by the AO is erroneous and prejudicial to the interest of revenue. Commissioner set aside the assessment order and directed the AO to frame the assessment as per the the directions given in the impugned revision order. AR as well as Ld. DR and considered the relevant material on record. The issue is directly covered by the Judgment of Hon’ble Jurisdictional High Court in the case of Vodafone India Services Pvt. Ltd [2014 (10) TMI 278 - BOMBAY HIGH COURT] the relevant finding of the Hon’ble High Court has been produced in the foregoing paras of this order. Accordingly, following the Judgment of Hon’ble Jurisdictional High Court in the case of Vodafone India Services Pvt. Ltd. (Supra), we set aside/quash the impugned revision order passed u/s 263 of the Act.
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