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 Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court

Itochu Corporation, 5-1, Kita-Aoyama, 2 Chome, Minato-Ku Vs. ACIT (International Taxation), Circle 2(1)(1) New Delhi.
November, 25th 2020

 

 

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : FRIDAY : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER

 

 

Stay Application No.229/Del/2020

(ITA No.7615/Del/2018)

Assessment Year: 2015-16

 

Itochu Corporation,

5-1, Kita-Aoyama,

2-Chome, Minato-Ku, Tokyo 107-8077, Japan.

 

PAN: AABCI5567L

 

 

 

Vs.              ACIT

(International

Taxation),

Circle-2(1)(1) New Delhi.

 

 

 

 

          

(Appellant) 

                     

 

 

 

(Respondent)

Assessee by   

 : 

Shri R.M. Gupta

                   Revenue by 

:

Shri Parul Singh, Sr.DR

 

Date of Hearing            :   20.11.2020

Date of Pronouncement:   25 .11.2020

 

ORDER

 

PER R.K. PANDA, AM:

 

The assessee, through this Stay Application, requests  the Tribunal to stay on the realization of outstanding demand of Rs.52,24,77,870/-.

 

  1. We have considered the rival arguments made by both the sides and perused the material available on record.  The appeal of the assessee has already been heard and the order is awaited.  Under these circumstances, we  stay the realization of above

 

SA No.229/Del/2020  

 outstanding demand for a period of two months from today or till the appeal is disposed of whichever is earlier.

 

  1. In the result, the Stay Application is disposed of in terms indicated above.

         The order pronounced in the open court on   25.11.2020.

                   Sd/-                                                                                  Sd/-

                                              

  (SUCHITRA KAMBLE)                                                      (R.K. PANDA)

   JUDICIAL MEMBER                                              ACCOUNTANT MEMFBER

 

Dated:  25th November, 2020.

 

dk

 

Copy forwarded to : 

 

  1. Appellant
  2. Respondent
  3. CIT                       
  4. CIT(A)                   
  5. DR                                                       

 Dy. Registrar, ITAT, New Delhi

2

 

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