2020 (5) TMI 256

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..... e Revenue : Shri S.P. Walimbe ORDER PER D. KARUNAKARA RAO, AM : This appeal filed by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-1, Pune, dated 30.05.2017 for the Assessment Year 2014-15. 2. Briefly stated the relevant facts include that the assessee company is engaged in the business of software development and sales and support services. The assessee fi .....

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..... f higher tax rate on capital gains Erred in considering tax rate at 30% instead of 20% on long term capital gains earned by the Appellant on sale of intangible property. 2. Ground No.2 - Passing assessment order on non-existent Permanent Account Number (PAN) Erred in passing the Assessment order with PAN of non-existent predecessor entity i.e. KineticGlue Online Communities Private Limited. .....

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..... on the other hand, relied on the orders of Assessing Officer and CIT(A). 7. After hearing both the sides on this issue, we direct the Assessing Officer to take action on the rectification application and dispose of the matter within three (3) months from the date of receipt of this order. 8. That leaves ground 1 for adjudication before the Tribunal. In this regard, ld. Counsel submitted that th .....

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..... .Y. 2006-07, order dated 17.09.2013 and para 4 of the said decision is relevant (page 10 of Paper Book). The relevant lines were read out in the Court. Mentioning that the said decision is approved by the Hon'ble jurisdictional High Court, ld. Counsel brought our attention to page 12 of Paper Book and demonstrated that the way the Revenue‟s appeal was dismissed by the Hon'ble High Court in I .....

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..... issue raised in the present ground has already been settled by the Hon'ble Supreme Court (supra) in favour of assessee. In view of the settled position of the law, this ground stands allowed. Thus, ground no.1 raised by assessee is allowed. 10. In the result, the appeal of assessee is partly allowed. Order pronounced in the open Court on 12th March, 2020.
Case laws, Decisions, Judgements, Or .....

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