TaxTMI 
TaxTMI 
2020 (7) TMI 250
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....that he did. 2. The learned CIT(A) erred in making addition u/s 56(2) (viib) of the Act to the tune of Rs. 199,20,618/- without appreciating the explanation of the Appellant. 3. The learned CIT (A) failed in giving sufficient opportunities to the Appellant to submit the details called for. 4. The learned CIT (A) ought to have appreciated that said section 56(2) (viib) of the Act are not made applicable to the shares issued to NRI mainly to encourage Foreign Investments. 5. The learned CIT(A) ought to have appreciated the alternative ground that valuation of shares is done fully in compliance to Rule 11 U a (2) (b) and Rule 11 U (a) (i) and there is no excess money is calculated. 6. The learned CIT (A) erred in levying the interest....
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....e that she will file relevant details and evidences in this regard within 10 days and accordingly, she filed written submissions on 03.07.2020 along with a copy of relevant pages of passport of the individual and submitted a certificate also from the assessee company in which it is stated that in the Financial Year 2014-15 relevant to Assessment Year 2015-16, Smt. Vijayalakshmi was in India only for 42 days and details of stay of Smt. Vijayalakshmi in India in this year are that she entered into India on 15.06.2014 and departed from India on 06.07.2014 having a stay in India of 21 days and again, she entered into India on 05.12.2014 and again departed from India on 26.12.2014 and again having a stay in India of 21 days and in this manner, s....
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....es of this Act,- (1) An individual is said to be resident in India in any previous year, if he- (a) is in India in that year for a period or periods amounting in all to one hundred and eighty-two days or more ; or (b) 19[***] (c) having within the four years preceding that year been in India for a period or periods amounting in all to three hundred and sixty-five days or more, is in India for a period or periods amounting in all to sixty days or more in that year." 6. From the provisions of clause (viib) of sub section 2 of section 56 as reproduced above, it is seen that if a company not being a company in which the public are not substantially interested receives in any previous year from any person being a resident any considerat....
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....Smt. Vijayalakshmi is an amount received from a resident. As per the provisions of section 6 of Income Tax Act, 1961, reproduced above, an individual will be resident in India in any previous year if he is in India in that year for a period or periods amounting in all 182 days or more or having within the 4 years preceding that year being in India for a period or periods amounting in all to 365 days or more and is in India for a period or periods amounting in all to 60 days or more in that year. Hence, it is very clear that if the person in question was not in India in the relevant previous year for 60 days or mor then such a person cannot be said to be a resident in India in that year. As per the copy of passport No. F5207571 submitted bef....