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2013 (10) TMI 516 - ITAT DELHIAssessment u/s 153A - Difference of long term capital gain on sale of unquoted equity shares - Search and seizure done - CIT deleted addition - Held that:- There was no evidence found and seized during the search operation with regard to the valuation of shares transferred which were from Aggarwal Group to the Mittal Group. The only basis for not accepting the assessee's valuation of shares was valuation report obtained u/s 133(6) from the banker for availing the loan to M/s. Superior Builders Limited. This valuation report was also not confronted with assessees. There is nothing on the record that shareholders had received more than what is disclosed in the books of account. The fact that company was also having huge liabilities outstanding at relevant time cannot be ignored for valuing the value of unquoted shares. The Assessing Officer was fully empowered to refer capital asset to the District Valuation Cell u/s 55A of the Income-tax Act. Assessing Officer had not done so. The Assessing Officer simply relied on the valuation report made for obtaining the bank loan and made the addition - Decided in favour of Revenue.
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