M/S. CORETECH VENTURES (BANGALORE) PRIVATE LIMITED,BANGALORE vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, BENGALURU-2, BANGALORE
In the result, the appeal filed by the assessee stands dismissed
ITA 746/BANG/2021[2016-17]Status: DisposedITAT Bangalore29 Jul 2022AY 2016-17
Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016-17 M/S. Coretech Ventures (Bangalore) Pvt. Ltd., The Principal Divyasree Chambers’ Commissioner Of Wing-A, O Shaugnessy Income Tax, Road, Bengaluru – 2, Langford Town, Vs. Bengaluru. Bangalore – 560 025. Pan: Aafcc2775E Appellant Respondent : Shri V. Chandrashekar, Assessee By Advocate : Shri V.S. Chakrapani, Cit- Revenue By Dr Date Of Hearing : 01-06-2022 Date Of Pronouncement : 29-07-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 30/03/2021 Passed By Ld.Pcit, Bangalore -2 U/S. 263 Of The Act For A.Y. 2016-17 On Following Grounds Of Appeal: “1. The Order Of Revision Passed By The Learned Principal Commissioner Of Income Tax, Bengaluru -2, Bengaluru, Under Section 263 Of The Act Dated 30/03/2021, In So Far As It Is Against The Appellant Is Opposed To Law, Weight Of Evidence, Probabilities, Facts & Circumstances Of The Appellant'S Case.
For Respondent: Shri V. Chandrashekar
Section 143Section 263Section 80Section 801A
801A of the Act on the facts and circumstances of the case.
10. The learned Principal Commissioner of Income Tax has further not appreciated and taken into consideration the net interest difference being the interest received and interest paid which resulted into a surplus of Rs.2,21,877/- i.e.
[Rs.9,86,36,699- minus
Rs.9,84,14,822/-] as forming
