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
ITA 1278/BANG/2018[2014-15]Status: DisposedITAT Bangalore09 Jan 2019AY 2014-15
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
For Appellant: Shri B. M. Tambakar, C. AFor Respondent: Shri R. N. Sidappaji, Addl. CIT (DR)
Section 143(3)Section 56Section 56(2)(viib)
depreciation, Increase/Decrease in current assets, noncurrent assets, capital expenditure and current liabilities, net cash flow was worked out and the same was discounted @ 15%. Such present value of cash flow was worked out at Rs. 549 lacs. To this, terminal value was added at Rs.
4
1,322 Lacs and in this manner, Enterprise value was worked
