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

Pushpa Builders Ltd., 6, D B Gupta Road, Paharganj, New Delhi Vs. ACIT Circle 20(1), New Delhi
March, 24th 2021

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI
BENCH ‘SMC-1’, NEW DELHI

BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER
AND SH. K. NARASIMHA CHARY, JUDICIAL MEMBER

(THROUGH VIDEO CONFERENCING)

ITA No.9396/Del/2019
Assessment Year : 2015-16

Pushpa Builders Ltd., Vs. ACIT
6, D B Gupta Road, Circle – 20(1),
Paharganj, New Delhi-55 New Delhi

PAN – AAGCP 0642 L (RESPONDENT)
(APPELLANT)

Assessee by Shri Rohit Tiwari, Adv.
Revenue by Shri Mohan Kalra, Adv.
Shri Rupesh Agarwal, Sr.DR

Date of hearing: 24/03/2021
Date of Pronouncement: 24/03/2021

ORDER

PER K. NARASIMHA CHARY, JM :

This appeal filed by the assessee is directed against the order
dated 09.09.2019 of the Commissioner of Income Tax (Appeals)-7,
New Delhi relating to Assessment Year 2015-16.

2. Before us, assessee has moved an application dated 16th
March, 2021 wherein the assessee has stated that it has opted for
Vivad Se Vishwas (VSV) 2020 and has filed the declaration (Form-
ITA No. 9396/Del/2019
A.Y. 2015-16

2

1) and undertaking (Form-2) Scheme and department had issued

Form-3. The assessee therefore seeks to withdraw the appeal to

which the Revenue has no objection.

3. After considering the request made by the assessee, we
dismiss the appeal of assessee as withdrawn subject to a caveat
that in case the dispute relating to tax arrears for the captioned
assessment year is not ultimately resolved in terms of the
aforesaid Act, the assessee shall be at liberty to approach the
Tribunal for reinstitution of the appeal and the Tribunal shall
consider such application appropriately as per law. With these

4. In the result, appeal of the assessee is dismissed.

Order pronounced in the open court on 24.03.2021,

immediately after conclusion of the hearing of the matter in

virtual mode.

Sd/- Sd/-

(ANIL CHATURVEDI) (K. NARASIMHA CHARY)
JUDICIAL MEMBER
ACCOUNTANT MEMBER
ASSISTANT REGISTRAR
Date:- 24.03.2021 ITAT NEW DELHI

PY*

Copy forwarded to:

1. Appellant

2. Respondent

3. CIT

4. CIT(Appeals)

5. DR: ITAT

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