9911796707
TMI Blog2017 (5) TMI 1422X X X X Extracts X X X X X X X X Extracts X X X X ..... -5, Bengaluru has erred in sustaining the addition made by the learned assessing officer. The order passed by the lower income tax authorities are bad in law and liable to be quashed. 1.2 The learned Additional Commissioner of Income tax, Range 15, Bangalore has erred in issuing directions under section 144A without satisfying the legal requirements. The impugned directions issued under section 144A being bad in law, the order passed under section 143(3) in accordance with the said directions is also bad in law and liable to be quashed. The learned Commissioner of Income tax (Appeals) -5, Bengaluru has erred in not adjudicating on this matter. 1.3 Even otherwise and without prejudice, the learned Additional Commissioner of Income tax, R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sys Technologies Ltd were transferred as such without 'exercising' the said options; (ii) Factum of 'exercise' cannot be presumed or deemed to have taken place; (iii) The options transferred were "capital asset" held by the appellant since the date of grant of options. Such options were transferred on the date on which the said options were transferred to Infosys Technologies Limited as a result of which the options were long term in nature and resulted in long term capital gains'. 1.6 The learned Commissioner of Income tax (Appeals) -5, Bengaluru has erred in stating that the appellant has received 7,250 shares from the employer Company M/s Infosys BPO Ltd on various dates at grant price under ESOP Scheme. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s erred in levying interest under section 234D of the Act. On facts and in the circumstances of the case and law applicable, interest under section 234D is not leviable. The appellant denies its liability to pay interest under section 234D. 1.11 In view of the above and other grounds to be adduced at the time of hearing, the appellant prays that the order passed by the Assistant Commissioner of Income tax, Circle 15(1), Bengaluru and as affirmed by Commissioner of Income tax (Appeals) -5, Bengaluru be quashed and be held as bad in law or in the alternative (i) Capital gains of Rs. 20,4 1,672 be held as "long term capital gains" (ii) Exemption under section 54EC be allowed; and (iii) Interest under section 234D be deleted. 2. Du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ders of the lower authorities, in the light of the rival submissions, we find that under section 144A of the Act, a Joint Commissioner may on his motion or on reference being made to him by the AO or on the application of assessee, call for and examine the record of any proceedings in which an assessment is pending and, if he considers that, having regard to the nature of the case or the amount involved or for any other reasons, it is necessary or expedient so to do, he may issue such directions as he thinks fit for the guidance of the AO to enable him to complete the assessment and such directions shall be binding upon the assessing officer. The proviso to section says that no direction which are prejudicial to the assessee shall be issued ..... X X X X Extracts X X X X X X X X Extracts X X X X
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