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2018 (5) TMI 755 - AT - Income TaxAddition u/s 56(2)(viib) on account of issue of shares - sale without adequate consideration - as per revenue no documentary evidences filed to substantiate the claim of fair market value as on date of issue of the shares - Held that:- As assessee filed reply before A.O. supported by documentary evidences with certificate of the C.A. and the report of the registered valuer. Therefore, the findings of the authorities below are incorrect that no documentary evidences have been filed to substantiate the claim of fair market value as on date of issue of the shares. The Explanation to Section 56(2)(viib) have not been considered by the authorities below. The matter, therefore, requires reconsideration at the level of the A.O. Accordingly set aside the orders of the authorities below and restore the matter in issue to the file of A.O. with a direction to redecide this issue in the light of reply and material filed by the assessee on record in the light of Explanation to Section 56(2)(viib) of the I.T. Act. A.O. shall give reasonable and sufficient opportunity to the assessee and shall pass detailed order on merit - Decided in favour of assessee for statistical purposes.
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