Income Tax Officer Ward-25(2), New Delhi. Vs. M/s Telplay Packaging Solutions Pvt. Ltd.

Parties Involved

Facts Summary

The assessee, M/s Telplay Packaging Solutions Pvt. Ltd., filed its return of income for the year under appeal declaring a total income of Rs.1100/-. The case was taken up for scrutiny, and an assessment order was passed adding Rs.7,70,00,000/- under section 68 of the Act on account of share capital and share premium, and disallowing Rs.28,900/- under section 14A of the Act. The assessee appealed to the Commissioner of Income Tax (Appeals)-38, New Delhi, who allowed the appeal and deleted the additions. The Revenue then appealed to the Tribunal.…

Legal Issues

• 1. Whether the Ld. CIT(A) has erred in deleting the addition made u/s 68 of the I.T. Act, 1961.
• 2. Whether the Ld. CIT(A) has erred in relying on the decision of Hon'ble ITAT in the case of M/s Vital Communication Ltd.
• 3. Whether allotment of shares under swapping arrangement without bringing money into books by way of cash/cheque/draft could attract provisions of section 68 of the IT Act, 1961.
• 4. Whether deletion of addition made u/s 14A r.w.r 8D is justified when there is no exempt income in the hands of assessee.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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