M/S. MEDI ASSIST INSURANCE TPA PVT LTD,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-12(1), BANGALORE
In the result, the appeal filed by assessee stands dismissed
ITA 1933/BANG/2018[2011-12]Status: DisposedITAT Bangalore15 Feb 2022AY 2011-12
Bench: Shri B R Baskaran & Smt. Beena Pillaiassessment Year : 2011-12 M/S. Medi Assist Insurance Tpa Pvt. Ltd., The Dy. Commissioner Of Tower ‘D’, 4Th Floor, Ibc Income-Tax, Knowledge Park, 4/1 Bannerghatta Vs. Circle - 4(1)(2), Main Road, Bengaluru. Bengaluru-560 029. Pan –Aaccm 8044 P Appellant Respondent Assessee By : Shri Sudhir Prabhu, C.A Revenue By : Shri Sumeer Singh Meena, Cit(Dr) Date Of Hearing : 10.01.2022 Date Of Pronouncement : 15.02.2022 O R D E R Per Beena Pillaithis Appeal By The Assessee Is Directed Against The Order Of The Cit(A)- 4, Bangalore Dated 22/3/2018 For The Asst. Year 2011-12 For Computing The Short Term Capital Gain At Rs.7,80,38,353/-. 2. The Assessee Raised The Following Grounds Before Us “(I) On The Facts & Circumstances Of The Case & In Law The Learned Dcit & Cit(A) Erred In Computing The Short Term Capital Gain At Rs.7,80,38,353/- By Adding The Negative Net-Worth Instead Of Restricting The Same To Nil As Deeded Cost, Since Cost Cannot Be A Negative Value Page 2 Of 19
For Appellant: Shri Sudhir Prabhu, C.AFor Respondent: Shri Sumeer Singh Meena, CIT(DR)
Section 142(1)Section 50B
47,60,240/-. The assessee’s case was taken up for scrutiny and notice u/s 142(1) was issued. During the course of asst. proceedings, the AO made following disallowances:
1) Disallowance of claims disallowed by insurance company
– Rs. 4,68,655/-
2) Short term capital gain on slump sale – Rs.7,80,38,453/-
3) Software expenses
