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2013 (5) TMI 274 - AT - Income TaxAddition towards book value of share purchased - CIT(A) deleted the addition - case of assessee having been selected for scrutiny under CASS - Held that:- No justification for the AO to insist upon the valuation of the shares by the auditors of the M/s Shri Govind Hotels & Health Resort Pvt. Ltd. As per the impugned order, reference has been made by the CIT(A) that notice was issued u/s 133(6) to M/s Krishna Info Media Ltd. i.e the seller of shares to the assessee who has confirmed the transaction at the price and similar notice is stated to have been issued u/s 133(6) to M/s Shri Govind Hotels & Health Resort Pvt. Ltd. who also confirmed the share holding. However no reference in regard to the information sought and received by the AO is found in the assessment order. It is also seen that neither the assessee has cared to address specific reason for the fall in the price of shares nor has the CIT(A) looked into the aspect. Thus where there is a discrepancy on facts qua the impugned order and the AO and the reasons for the drop in share price have not been addressed by the CIT(A) it would be appropriate to restore the issue back to the file of the CIT(A) with the direction to first address the facts and then consider the applicability of the judgements which are relied to pass a speaking order - appeal of the department is allowed for statistical purposes.
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