APOLLO FIEGE INTEGRATED LOGISTICS PVT. LTD., GURGAON V. DCIT, CIRCLE- 3(1), NEW DELHI

ITA 1532/DEL/2018

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 4825 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 11 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-02-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2013-2014
• Appeal Filed On: 05-03-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: PULKIT VERMA
• Keywords: Principle of natural justice
• Section: 13

Judgement Text

ITA NOS.-1532/DE/2018 AND 15 33/DEL/2018. APOLLO FIEGE INTEGRATED LOGISTICS P. LTD. PAGE 1 OF 5 IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: A: NEW DELHI) (THROUGH VIDEO CONFERENCING) BEFORE MS. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA NO:- 1532/DEL/2018 ( ASSESSMENT YEAR: 2013-14) ITA NO:- 1533/DEL/2018 ( ASSESSMENT YEAR: 2014-15) APOLLO FIEGE INTEGRATED LOGISTICS PVT. LTD. PLOT NO. 20, SECTOR-44, GURGAON, HARYANA- 122002 VS . D CIT, CIRCLE-3(1), NEW DELHI. APPELLANT RESPONDENT PAN NO: AALCA0748D ASSESSEE BY : SHRI PULKIT VERMA, ADV. REVENUE BY : SHRI SATPAL GULATI, CIT- DR PER ANADEE NATH MISSHRA, AM (A) THE AFOREMENTIONED APPEALS IN THE CASE OF THE ASSE SSEE ARE TAKEN UP TOGETHER FOR THE SAKE OF CONVENIENCE AND BREVITY; A ND ARE HEREBY DISPOSED OFF THROUGH THIS CONSOLIDATED ORDER. GROUNDS TAKEN IN THESE APPEALS OF ASSESSEE ARE AS UNDER: ITA NOS.-1532/DE/2018 AND 15 33/DEL/2018. APOLLO FIEGE INTEGRATED LOGISTICS P. LTD. PAGE 2 OF 5 ITA NO:- 1532/DEL/2018 THE APPELLANT RESPECTFULLY SUBMITS AS UNDER: DISALLOWANCE OF SHARE PREMIUM UNDER SECTION 56(2)(V IIB) OF THE ACT- INR 4,59,45,168 1. UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT (A) HAS ERRED IN NOT ADDRESSING GROUND (U) RA ISED BY THE APPELLANT AS PER THE GROUNDS OF APPEAL FILED WITH HIM THAT TH E ORIGINAL ASSESSMENT ORDER OF THE DEPUTY COMMISSIONER OF INCOME TAX, CIR CLE 3(1) (THE LD. AO) HAS BEEN MADE WITHOUT GIVING PROPER OPPORTUNIT Y TO THE APPELLANT TO EXPLAIN/CROSS EXAMINE THE GROUNDS IN WHICH THE A DDITIONS ARE MADE WHICH IS AGAINST THE PRINCIPLES OF NATURAL JUSTICE AND THE ORDER PASSED BY LD. A. O. ITSELF BE QUASHED 2. UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT (A) HAS ERRED IN UPHOLDING THE DISALLOWANCE OF INR 4,59,45,168 UNDER SECTION 56(2)(VIIB) OF THE ACT, BEING THE AMO UNT OF SHARE PREMIUM RECEIVED BY THE APPELLANT FROM ITS HOLDING COMPANY M/S APOLLO LOGISOLUTIONS LIMITED. 3. UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT (A) HAS ERRED IN REJECTING THE CERTIFICATE FROM AN ACCOUNTANT FOR VALUATION OF SHARES SUBMITTED BY THE APPELLANT. SUC H CERTIFICATE WAS OBTAINED AS PER THE PROVISIONS OF SECTION 56(2)(VII B) OF THE ACT READ WITH RULE 11U & 11UA OF THE INCOME TAX RULES, 1962 BASED ON THE BUSINESS PROJECTIONS AT THAT TIME. THE ABOVE GROUNDS OF APPEAL ARE WITHOUT PREJUDICE T O AND INDEPENDENT OF ONE ANOTHER. THE APPELLANT CRAVES LEAVE TO ADD, SUPPLEMENT, AMEN D, VARY, WITHDRAW OR OTHERWISE MODIFY THE GROUNDS MENTIONED HEREIN ABOVE AT OR BEFORE THE TIME OF HEARING. THE APPELLANT PRAYS FOR APPROPRIATE RELIEF BASED ON THE SAID GROUNDS OF APPEAL AND THE FACTS AND CIRCUMSTANCES OF THE CASE. ITA NO:- 1533/DEL/2018 THE APPELLANT RESPECTFULLY SUBMITS AS UNDER: DISALLOWANCE OF SHARE PREMIUM UNDER SECTION 56(2)(V IIB) OF THE ACT- INR 4,47,23,260 1. UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT (A) HAS ERRED IN UPHOLDING THE DISALLOWANCE OF INR 4,47,23,260 UNDER SECTION 56(2)(VIIB) OF THE ACT, BEING THE AMO UNT OF SHARE PREMIUM RECEIVED BY THE APPELLANT FROM ITS HOLDING COMPANY M/S APOLLO ITA NOS.-1532/DE/2018 AND 15 33/DEL/2018. APOLLO FIEGE INTEGRATED LOGISTICS P. LTD. PAGE 3 OF 5 LOGISOLUTIONS LIMITED. 2. UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT (A) HAS ERRED IN REJECTING THE CERTIFICATE FROM AN ACCOUNTANT FOR VALUATION OF SHARES SUBMITTED BY THE APPELLANT. SUC H CERTIFICATE WAS OBTAINED AS PER THE PROVISIONS OF SECTION 56(2)(VII B) OF THE ACT READ WITH RULE 11U & 11UA OF THE INCOME TAX RULES, 1962 BASED ON THE BUSINESS PROJECTIONS AT THAT TIME. THE ABOVE GROUNDS OF APPEAL ARE WITHOUT PREJUDICE T O AND INDEPENDENT OF ONE ANOTHER. THE APPELLANT CRAVES LEAVE TO ADD, SUPPLEMENT, AMEN D, VARY, WITHDRAW OR OTHERWISE MODIFY THE GROUNDS MENTIONED HEREIN AB OVE AT OR BEFORE THE TIME OF HEARING. THE APPELLANT PRAYS FOR APPROPRIATE RELIEF BASED ON THE SAID GROUNDS OF APPEAL AND THE FACTS AND CIRCUMSTANCES OF THE CASE. (B) AT THE TIME OF HEARING, AT THE OUTSET, THE LEARNED COUNSEL FOR THE ASSESSEE INFORMED US THAT THE ASSESSEE HAS OPTED TO SETTLE T HE AFOREMENTIONED APPEALS UNDER VIVAD SE VISHWAS SCHEME, 2020 (VSVS, FOR SHORT) AND THA T THE ASSESSEE HAS ALREADY FILED THE RELEVANT FORMS. THE LD. COUNSEL FOR ASSESSEE ALS O DREW OUR ATTENTION TO LETTER DATED 13 TH JANUARY, 2021 FILED IN INCOME TAX APPELLATE TRIBUNA L (ITAT, FOR SHORT) GIVING INTIMATION FOR THE SAME, AND REQUESTING TO WITHDRAW BOTH THESE APPEALS. (B.1) AT THE TIME OF HEARING BEFORE US, THE LD. COUNSEL F OR ASSESSEE AS WELL AS THE LEARNED SENIOR DEPARTMENTAL REPRESENTATIVE (LD. SR . DR, FOR SHORT) SUBMITTED BEFORE US THAT THESE APPEALS MAY BE TREATED AS WITHDRAWN AND MAY BE DISMISSED ON ACCOUNT OF THE AFORESAID VSVS. AFTER DUE CONSIDERATION, AND IN V IEW OF THE FOREGOING; AND AS BOTH SIDES HAVE AGREED TO THIS; WE ARE OF THE VIEW THAT BOTH T HESE APPEALS HAVE BECOME INFRUCTUOUS, AND WE TREAT THESE APPEALS AS WITHDRAWN ON ACCOUNT OF THE AFORESAID VSVS. ACCORDINGLY, ITA NOS.-1532/DE/2018 AND 15 33/DEL/2018. APOLLO FIEGE INTEGRATED LOGISTICS P. LTD. PAGE 4 OF 5 THESE APPEALS HAVING BECOME INFRUCTUOUS, ARE HEREBY DISMISSED AS WITHDRAWN, SUBJECT TO SETTLEMENT OF THE DISPUTES IN THE APPEALS UNDER THE AFORESAID VSVS. (C) BEFORE WE PART, WE HEREBY CLARIFY, BY WAY OF AB UNDANT CAUTION, THAT IF FOR SOME REASON THE DISPUTES UNDER THESE APPEALS BEFORE US ARE NOT SETTLED UNDER THE AFORESAID VSVS, THEN THE ASSESSEE WILL BE AT LIBERTY TO APPRO ACH ITAT FOR RESTORATION OF THESE APPEALS, IN ACCORDANCE WITH LA W. (D) IN THE RESULT, THESE APPEALS ARE DISMISSED. THIS ORDER HAS BEEN ALREADY PRONOUNCED ON 10 TH FEBRUARY, 2021 IN OPEN COURT, IN THE PRESENCE OF REPRESENTATIVES OF BOTH SIDES; A FTER CONCLUSION OF THE HEARING. SD/- SD/- (P. MADHAVI DEVI) (AN ADEE NATH MISSHRA) JUDICIAL MEMBER ACCOUNTANT MEMBE R DATED: 11/02/2021 *BINITA* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI ITA NOS.-1532/DE/2018 AND 15 33/DEL/2018. APOLLO FIEGE INTEGRATED LOGISTICS P. LTD. PAGE 5 OF 5