M/S FLUTURA BUSINESS SOLUTIONS PRIVATE LIMITED ,BANGALORE vs. THE INCOME TAX OFFICER WARD-3(1)(1), BANGALORE
In the result, the appeal is allowed for statistical purpose
ITA 3404/BANG/2018[2013-14]Status: DisposedITAT Bangalore30 Jun 2020AY 2013-14
Bench: Shri N.V.Vasudevan & Shri B.R.Baskaranita No.3404(Bang)/2018 (Assessment Year : 2013-14) M/S Flutura Business Solutions Pvt.Ltd., G-1, Gurupriya Seventh Hill, Bg 12/2/13, 4Th Cross, Iti Hbcs Layout, Bsk 3Rd Stage, Bengaluru-560 004 Pan No.Aabcf9125B Appellant Vs The Income Tax Officer, Ward-3(1)(1), Room No.209, 2Nd Floor, Bmtc Building, Koramanagala, Bangalore Respondent Appellant By : Shri C.Ramesh, Ca Revenue By : Shri Priyadharshini Misra, Addl.Cit
For Appellant: Shri C.Ramesh, CAFor Respondent: Shri Priyadharshini Misra, Addl.CIT
Section 56(2)(viib)
depreciation
14,49,282
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Revised total income
2,28,37,385
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3. The Assessing Officer has brought to tax the share premium of Rs.2,29,31,200/- as income invoking the provisions of section 56(2)(viib) of the Act.
As per the provisions of sec.56(2)(viib) of the Act, if a company in which public are not substantially