Rotork Controls India Pvt. Ltd. v. CIT

M/S Innoviti Payment Solutions Pvt Ltd, Bangalore vs. The Income Tax Officer Circle-3(1)(1), Bangalore

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri A. K. Garodia & Shri Laliet Kumarm/S. Innoviti Payment Solutions Pvt. Ltd., Appellant No. 41, 2Nd & 3Rd Floor, Ngr The Edge, Iii Main, V Cross, Sai Baba Mandir Road, Halasuru, Bengaluru – 560008. Pan. Aabci0504M Vs The Ito, Ward – 3 (1) (1), Respondent Bengaluru. Assessee By : Shri B. M. Tambakar, C. A. Revenue By : Shri R. N. Sidappaji, Addl. Cit (Dr) Date Of Hearing : 07 – 12 – 2018 Date Of Pronouncement : 09 – 01 – 2019 O R D E R Per Bench: This Appeal Is Filed By The Assessee Which Is Directed Against The Order Of Cit (A) – 3, Bangalore Dated 23.02.2018 For A. Y. 2014 – 15. 2. The Grounds Raised By The Assessee Are As Under:- “1. Grounds Relating To Natural Justice The Learned Income Tax Officer 3(1)(1) (Hereinafter " Ad") & The Learned Commissioner Of Income Tax (Appeals) - 3 (Hereinafter "Cit-A") Have Erred In Passing The Order Without Considering All The Submissions & / Or Without Appreciating Properly The Facts & Circumstances Of The Case & Law Applicable. 2. Grounds Relating To Rejection Of Equity Shares Valuation Report Issued By Independent Chartered Accountant The Order Of The Learned Ao Passed Under Section 143(3) Of The Income Tax Act, 1961 (`The Act') & Confirmed By Learned Cit-A Is Erroneous In Reckoning That Share Premium Collected Is Above Fair Market Value & Thereby Liable To Tax In Pursuance To Section 56(2)(Viib) By Adopting Rule 11Ua(A) To The Exclusion Of The Option Under Rule 11Ua(B) As Opted By The Assessee Without Taking

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI A. K. GARODIA, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER M/s. Innoviti Payment Solutions Pvt. Ltd., Appellant No. 41, 2nd & 3rd Floor, NGR The Edge, III Main, V Cross, Sai Baba Mandir Road, Halasuru, Bengaluru – 560008. PAN. AABCI0504M Vs The ITO, Ward – 3 (1) (1), Respondent Bengaluru. Assessee by : Shri B. M. Tambakar, C. A. Revenue by : Shri R. N. Sidappaji, Addl. CIT (DR) Date of hearing : 07 – 12 – 2018 Date of pronouncement : 09 – 01 – 2019 O R D E R PER BENCH: This appeal is filed by the assessee which is directed aga…

M/S 2M Power Health Management Services Private Limited, Bangalore vs. Income Tax Officer Ward-7(1)(2), Bangalore

In the result, the appeal of the assessee is allowed for statistical purposes

…on a scientific basis. In respect of estimation of something for future, the estimation has to be on a scientific basis. This view of us is supported by the judgments of Hon’ble Apex court rendered in the case of Rotork Controls India (P) Ltd. as reported in 314 ITR 62 and in the case of Bharat Earth Movers vs. CIT as reported in 245 ITR 428. In both these cases, the dispute was regarding estimation of future liability on account of warranty provisions and leave encashment respectively and it was held that it should be capable of being estimated with reasonable certainty though actual quantification may not be p…