ITO, Ward 2(1), New Delhi Vs Ms Anglian Infrastructure Development Private Ltd.

Parties Involved

Facts Summary

The appellant company filed its Return of Income for the A.Y. 2017-18 on 25.10.2017 declaring NIL income. Subsequently, the company revised its Return of Income on the same date, showing an increase credit of TDS at an income of Rs. NIL. The case was selected for limited scrutiny through CASS on the grounds of share premium and investment in immovable property. The Assessing Officer passed an assessment order u/s 143(3) of the Act on 22.12.2019, making additions on account of share premium received, disallowance of preliminary expenses, and addition of interest income. The Commissioner of Income-tax (Appeals) provided relief to the assessee, which the revenue appealed against.…

Legal Issues

• 1. Disallowance of interest earned during the set-off of business.
• 2. Disallowance of share premium received on the shares issued.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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