ITO, WARD-2(2), BIKANER vs. M/S. MANDA MOTORS PVT. LTD. , BIKANER
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Income Tax Appellate Tribunal, JODHPUR BENCH, JODHPUR
Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM
IN THE INCOME TAX APPELLATE TRIBUNAL JODHPUR BENCH, JODHPUR BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM ITA Nos. 100/Jodh/2018 (ASSESSMENT YEAR- 2014-15) Income Tax officer, Vs M/s Manda Motors Pvt. Ward-2(2), Ltd. Bikaner. N.H.-11, Jaipur Road, Bikaner. (Appellant) (Respondent) PAN NO. AAGCM 6051N J
(Virtual hearing) Assessee By Shri Anil Sarda-C.A. Revenue By Shri S.M. Joshi, JCIT-DR Date of hearing 06/07/2023 07/07/2023 Date of Pronouncement O R D E R PER: Dr. S. Seethalakshmi, JM
The Revenue has filed an appeal against the order of the Learned Commissioner of Income Tax, Bikaner [herein after “Ld.CIT(A)”] dated 30.10.2017 for the assessment year 2014-15. 2. The Revenue has raised the following grounds of appeal:- “1. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) has erred in deleting the addition of Rs. 1,08,61,500/- made on account of being preference share premium as unexplained bogus credit u/s 68 of the IT Act, 1961, specially when the assessee company had incurred loss during
2 ITA Nos. 100/Jodh/2018 ITO Vs. M/s Manda Motors Pvt. Ltd. the year under considering, the balance of share premium cannot be included in shareholders fund which calculating valuation of share and balance of share premium cannot be considered as part of shareholder funds?”
During the course of hearing, the ld. DR submitted to withdraw the appeal since it is falling under low tax effect. 4. On the other hand ld. AR supported the order of the ld. CIT(A). 5. The Bench heard both the parties during the virtual hearing and noted that this appeal as per ld. DR submission falls under the low tax effect which is not maintainable. In this view of the matter the appeal of the Department is dismissed as withdrawn.
In the result, the appeal of the Revenue is dismissed. Order pronounced in the open court on 07/07/2023. Sd/- Sd/- (RATHOD KAMLESH JAYANTBHAI) (DR. S. SEETHALAKSHMI) ACCOUNTANT MEMBER JUDICIAL MEMBER
Dated : 07/07/2023 *Santosh Copy to: 1. The Appellant 2. The Respondent 3. The CIT 4. The CIT(A)
3 ITA Nos. 100/Jodh/2018 ITO Vs. M/s Manda Motors Pvt. Ltd. 5. The DR 6. Guard File
Assistant Registrar Jodhpur Bench