SMART INFORMATION WORLDWIDE INC,CHENNAI vs. ACIT INTERNATIONAL TAXATION 2(2), CHENNAI

ITA 330/CHNY/2024Status: DisposedITAT Chennai06 August 2024AY 2016-17Bench: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI MANU KUMAR GIRI (Judicial Member)8 pages
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What did the Tribunal hold?

The Tribunal held that Section 50D is applicable only when the sale consideration is not ascertainable or determinable. Since the sale value was clearly determinable in this case, the AO's action was not sustainable.

What were the facts?

The assessee, a non-resident, sold shares of an Indian company at different prices to two unrelated parties. The Assessing Officer (AO) substituted the actual sale consideration for one transaction with a higher price from another transaction, invoking Section 50D.

What were the issues?

Whether the AO can substitute the actual sale consideration with a higher fair market value when the sale consideration is ascertainable, and whether Section 50D is applicable in such cases.

Which sections of the Income-tax Act were involved?

Section 48,Section 50D,Section 50CA,Section 195,Section 234A,Section 234B

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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI

Before: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM & HON’BLE SHRI MANU KUMAR GIRI, JM

Manoj Kumar Aggarwal (Accountant Member)

1.

Aforesaid appeal by assessee for Assessment Year (AY) 2016-17 arise out of an order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 13-12- 2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) r.w.s 144C(3) of the Act on 28-02-2019. T

The order continues below.

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