2022 (2) TMI 1524

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....ue : Sri T. Sunil Goutam, Sr. AR. ORDER PER A. MOHAN ALANKAMONY, AM.: This appeal is filed by the Revenue against the order of the Ld. CIT(A)-3, Hyderabad in appeal No. 10348/2017-118/B2/CIT(A)-3, dated 24/2/2020 passed U/s. 144 r.w.s 147 and U/s. 250(6) of the Act for the AY 2009-10. 2. The Revenue has raised four grounds in its appeal however, the crux of the issue is that: ....

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....may be condoned. 4. On perusal of the submissions of the Ld. DR, it appears that the reason for the delay was due to pandemic situation prevailed during the relevant period of time due to which the Revenue could not file the appeal before the Tribunal within the stipulated time. Therefore, relying on the decision of the Hon'ble Supreme Court in the case of Collector, Land Acquisition vs. MST. K....

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....enditure incurred on account of premium paid for buy-back of shares while computing the income of the assessee U/s. 115JB of the Act. When the matter cropped up before the Ld. CIT (A), the Ld. CIT (A) deleted the addition by following the decision of the Hon'ble Apex Court in the case M/s. Apollo Tyres vs. CIT reported in 255 ITR 273 wherein it was held that the Assessing Officer does not have the....

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....Act, premium paid for buy-back of shares is to be reduced from the capital reserves and therefore it cannot be debited to the P & L Account. Hence, the Ld. DR submitted before us that the order of the ld. AO does not call for any interference. 8. On examining the submissions of the Ld. DR we are of the view that the Ld. AO though he has disallowed the expenditure incurred towards premium paid f....