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2020 (2) TMI 416 - ITAT DELHIPerquisite or Benefit u/s 28(iv) - Addition for a discount on buy-back of Foreign Currency Convertible Bonds (FCCB) - Business income or capital receipt - HELD THAT:- In the instant case, the benefit has been received in the shape of the money and thus, the said benefit cannot be held as taxable even under section 28(iv) of the Act. We set aside the finding of the Ld. CIT(A) on the issue in dispute and hold that the discount received on FCCB is not taxable in the hands of the assessee. The Ground No. 1 of the appeal of the assessee is accordingly allowed. Disallowance under section 40(a)(ia) for non-deduction of tax at source on certain payments made - HELD THAT:- lower authorities have not verified the exact nature of payments and constitution of the entities. In view of the undertaking given by the assessee, we feel it appropriate to restore the issue back to the Assessing Officer for deciding the same afresh. Accordingly, the issue is restored back to the Assessing Officer to decide the issue afresh, after affording adequate opportunity of being heard to the assessee. Thus, this Ground no. 2 of the appeal is allowed for statistical purposes.
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