Japan International Co-operation Agency (JICA),New Delhi Acit (Intl. Taxation), Circle-2(1) (2), New Delhi

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH: ‘D’ NEW DELHI
BEFORE SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER
AND
MS SUCHITRA KAMBLE, JUDICIAL MEMBER
I.T.A. No. 3812/DEL/2017 (A.Y 2012-13)
(THROUGH VIDEO CONFERENCING)

Japan International Co-operation Agency (JICA) 2nd Floor, Dr. Gopal Das Bhawan,28, Barakhambha Road,Connaught Place,New Delhi-110001 PAN: AAAAJ1961C
(APPELLANT)

Vs

ACIT (Intl. Taxation), Circle-2(1)(2) Room NO. 310, 3rd Floor,Block-2, Pratyaksh Kar Bhawan, Civic Centre,New Delhi-110002
(RESPONDENT)

ORDER

PER SUCHITRA KAMBLE, JM

This appeal is filed by the assessee against the order dated 6/4/2017
passed by CIT(A)- 43, for Assessment Year 2012-13.

2. The grounds of appeal are as under:-
Based on the facts and circumstances of the case, the Appellant respectfully submits:

1. “That on facts and circumstances of the case and in law, the Ld C1T(A) has erred in upholding the assessment order passed by Ld AO under section 143(3) for the subject year wherein the income was assessed at Rs. 71,21,390 as against NIL returned income declared by the appellant and is liable to be quashed.

2. That on facts and circumstances of the case and in law, the Ld CIT(A) has erred in holding that the benefit of section 161 of the Act is not available to the appellant being a beneficiary in SARA Fund, a Venture Capital Fund (VCF) .

3. That on facts and circumstances of the case and in law, the Ld CIT(A) has erred in holding that the appellant is not eligible for benefit as per section 115U of the Act as investments made by SARA fund are not in specified Venture Capital Undertakings (‘VCU’) as per section 10(23FB) of the Act. 3.1 That on the facts and circumstances of the case and in law, Ld C1T(A) has erred in disallowing the exemption claimed by the appellant under section 10(34) of the Act on dividend income from VCU earned by SARA Fund. 3.2 That on the facts and circumstances of the case and in law, Ld CIT(A) has erred in disallowing the exemption claimed by the appellant under section 10(38) of the Act on long term capital gain from share sale of VCU earned by SARA Fund.

4. That the Ld CIT(A) has erred, in law and on facts and circumstances of the case, by not granting an opportunity of being heard to establish facts about VCU.

5. The Ld C1T(A) has erred, on facts of the case and in law, in upholding the levy of interest u/s 234B of the Act.

6. The Ld CIT(A) has erred, on the facts and the circumstances of the case and in law, in upholding the initiating the penalty proceedings under section 271(l)(c) of the Act against the appellant for furnishing inaccurate particulars and concealment of income.

To know more in details find the attachment file