2020 (11) TMI 377 - ITAT BANGALORE - Income Tax

Head Note / Extract:
Rectification u/s 254 - Rejecting the claim of the assessee about payment of share premium - HELD THAT:- Tribunal has noted this aspect also that both the AO and CIT(A) has given several reasons for rejecting the claim of the assessee about payment of share premium. It is also stated by the Tribunal in the same para that in the opinion of the Tribunal and in the light of various facts and reasons noted by both the lower authorities which could not be controverted by the learned AR of the assessee, no interference is called for. Hence, it is seen that the primary decision of the Tribunal is on the same basis on which claim of the assessee was rejected by the lower authorities. Tribunal has proceeded further to deal with this argument of the learned AR of the assessee that the sale of shares by the assessee for a partly sum of ₹ 10,000/- as against the cost of acquisition of ₹ 300 lakhs was for this reason that the assessee wanted to stop loss and on this aspect also, the Tribunal held that the sale itself is not beyond doubt but even after observing this, the Tribunal observed that the assessee cannot be worse of at the Tribunal and hence, the Tribunal cannot reduce the amount of loss allowed by the AO. This is not the basis of the Tribunal order in the present case that the sale is in doubt. The primary basis of the Tribunal order is this that in the light of various facts and reasons noted by both the lower authorities which could not be controverted by assessee, no interference is called for in the order of CIT(A). - no apparent mistake in the impugned Tribunal order - Decided against assessee.