Deputy Commissioner of Income Tax vs. M/s. UTV Software Communications Pvt. Limited
Parties Involved
Facts Summary
The case pertains to an appeal by the Revenue Department against the order passed by the Commissioner of Income Tax (Appeals) for the Assessment Year 2011-12. The appeal challenges the deletion of an addition made by the Assessing Officer regarding the levy of interest on share application money. The Tribunal had previously remanded the matter to the Commissioner for fresh adjudication, who ultimately deleted the addition following the decision of the Hon'ble Tribunal in the assessee's own case for the Assessment Year 2010-11. The Revenue Department, being aggrieved, filed an appeal before the Income Tax Appellate Tribunal.…
Decision in favour of
Revenue
Legal Issues
- 1. Whether interest can be levied on share application money as it is a capital account transaction and outside the purview of section 92 of the Income Tax Act.
Judgment Outcome
Decided in favour of Revenue.
Precedents Relied Upon
2 precedents cited in this judgement.
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