This appeal by the revenue is against the order dated 29.8.2019 of CIT(Appeals)-1, Bengaluru relating to AY 2016-17. The grounds of appeal raised by the revenue reads as follows:-
IN THE INCOME TAX APPELLATE TRIBUNAL
“C” BENCH : BANGALORE
BEFORE SHRI N V VASUDEVAN, VICE PRESIDENT
AND SHRI B R BASKARAN, ACCOUNTANT MEMBER
Assessment year: 2016-17
The Deputy Commissioner of Income Tax,Circle 1(1)(1),Bangalore.
M/s. Antariksh Softech P. Ltd.,No.11/1, KHR House Palace Road,Bangalore – 560 052.
PAN: AAHCA 1836G
Appellant by : Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru.
Revenue by : Smt. Sheetal Borkar, Advocate
Date of hearing : 01.10.2020
Date of Pronouncement : 09.10.2020
O R D E R
Per N.V. Vasudevan, Vice President
This appeal by the revenue is against the order dated 29.8.2019 of CIT(Appeals)-1, Bengaluru relating to AY 2016-17.The grounds of appeal raised by the revenue reads as follows:-
“1. The order of learned CIT(Appeals) in so far as it is prejudicial to the interest of revenue, is opposed to law and the facts and circumstances of the case.
2. The ld. CIT(A) erred in deleting the addition of Rs.6,40,18,500/- u/s. 56(2)(vii), the excess amount of share premium received on allotment of equity shares.
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