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2019 (6) TMI 1120 - AT - Income TaxAddition u/s 56(2)(vii) (b) - issues of shares at a price more than the FMV - effective date of amendment - from the year of application (receipt of money) or allotment of shares - HELD THAT:- We find since shares were applied in AY 2012-13 as per the terms and conditions settled in AY 2012-13, the provision u/s 56(2)(viib) introduced from AY 2013-14 which is year under consideration in the present case and, therefore, cannot be applied merely on the basis that shares were allotted in AY 2013-14. Thus, we find the reasons recorded by the CIT(A) in the impugned order specifically at para 4.2 is justified in terms of applicability of provision u/s 56(2)(viib) of the Act. Therefore, we find no infirmity in the order of CIT(A) and it is justified. Thus, Ground No.1 raised by the Revenue is dismissed. TDS u/s 194C - non deduction of tds on clearing and forwarding charges - addition u/s 40(a)(ia) - HELD THAT:- All the details regarding the list of payments indicating the address, names of the shipping clearing agencies were before the two lower authorities for their consideration. We find that the AO did not accept the submissions of the assessee that no evidence brought on record to show the shipping and export expenses were reimbursed. However, it is seen in the assessment order itself that the AO mentioned that on perusal of the details field by the assessee and written submissions dated 28.01.2016, the AO mentioned only that the assessee failed to give bifurcation expenses relating to the impugned amount. CIT(A) in his impugned order clearly said that all the details as submitted by the assessee before him as well as in the assessment proceedings clearly shows that the payments were made to clearing & shipping agencies and are in the nature of reimbursement. On such payments, we find which were paid on behalf of the assessee to different parties including the government authorities. - Decided against revenue.
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