M/S NANOBI DATA AND ANALYTICS PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(1)(1), BANGALORE
In the result the appeal filed by assessee stands partly allowed
ITA 472/BANG/2017[2013-14]Status: DisposedITAT Bangalore07 Mar 2022AY 2013-14
Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2013-14 M/S. Nanobi Data & Analytics Pvt. Ltd., The Deputy No. 1289/1090/E, Commissioner Of 18Th Cross, 3Rd Sector, Income Tax, Vs. Hsr Layout, Circle – 5(1)(1), Bangalore – 560 102. Bangalore. Pan: Aadcn8822F Appellant Respondent : Shri S.V. Ravishankar, Assessee By Advocate : Capt. Pradeep Shoury Arya, Revenue By Addl. Cit (Dr) Date Of Hearing : 21-12-2021 Date Of Pronouncement : 07-03-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 11/11/2016 By The Ld.Cit(A)-5, Bangalore For Assessment Year 2013-14 On Following Grounds Of Appeal: “1. The Order Of The Learned Commissioner Of Income Tax (Appeals) In So Far It Is Against The Appellant, Is Opposed To Law, Equity, Weight Of Evidence, Probabilities, Facts Of & The Circumstances In The Appellant'S Case. 2. The Learned Commissioner Of Income Tax (Appeals) Is Not Justified In Not Giving The Appellant A Reasonable Opportunity Of Being Heard In The Impugned Matter. 3. That Notice Under Section 143(2) Having Been Served After The Expiry Of Time Limit Stipulated Under Section 143(2) Is Time Barred & Hence Bad In Law & The Order
For Respondent: Shri S.V. Ravishankar
Section 142(1)Section 143(2)Section 143(3)Section 56(1)(vii)
Accordingly this ground filed by assessee stands allowed.
13. Ground No.8: This ground is raised by assessee challenging the disallowance made under section 56(1)(viia) of the Act.
The Ld.AR submitted that it was an issue wherein the price was rounded off to the nearest rupee for convenience ... transfer of money to the share holders. It is submitted that this amount will not not fall within the perview of section 56(1)(viia) of the Act. The
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Ld.AR relied on the Share valuation report submitted before the authorities below.
On the contrary, the Ld.DR
