RAJASTHAN TRANSMAT PRIVATE LIMITED,JAIPUR vs. INCOME TAX OFFICER ,WARD 7(2),, JAIPUR

ITA 165/JPR/2023Status: DisposedITAT Jaipur11 July 2023AY 2012-13Bench: SHRI SANDEEP GOSAIN (Judicial Member), DR MEETHA LAL MEENA (Accountant Member)18 pages
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What did the Tribunal hold?

The Tribunal held that Section 56(2)(vii)(b) was not applicable for the assessment year 2012-13 as it was introduced later. It also noted that the AO did not invoke Section 68 and that the share premium is a capital receipt. Therefore, the addition made by the AO was not justified.

What were the facts?

The assessee received share premium of Rs. 79,90,000/-. The Assessing Officer added this amount to the total income under Section 68 of the Act, as the assessee could not discharge its onus to prove the genuineness, creditworthiness, and identity of the transactions. The CIT(A) confirmed this addition.

What were the issues?

Whether the share premium received by the assessee could be taxed as income under Section 68 or Section 56(2)(vii)(b) for the assessment year 2012-13, and whether the disallowance of PF expenses was justified.

Which sections of the Income-tax Act were involved?

Section 68,Section 56(2)(vii)(b)

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”B” JAIPUR

Before: SHRI SANDEEP GOSAIN, JM & DR MEETHA LAL MEENA, AM vk;dj vihy la-@ITA No. 165/JP/2023

Hearing: 03/05/2023

PER: SANDEEP GOSAIN, JM This appeal filed by the assessee is directed against order of the ld. CIT(A) dated 28-02-2023, National Faceless Appeal Centre, Delhi [ hereinafter referred to as (NFAC) ] for the assessment year 2012-13 wherein the assessee has raised the following grounds of appeal. ‘’1. The ld. CIT(A) erred in passing non-speaking order by confirming the addition of Rs.79.

The order continues below.

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