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2019 (1) TMI 529 - AT - Income TaxAddition u/s. 68 - Unexplained Share Premium - Held that:- There is no discussion, whatsoever, regarding these submissions and evidences in the quantum assessment order. The Ld. AR has also submitted that notices u/s 133(6) were returned undelivered since the same were sent at the wrong address. As submitted that both the entities, upon being informed by the assessee about notices u/s 133(6), confirmed the transactions with supporting documentary evidences. The attention has also been drawn to the fact that valuation of shares was justified by following discounted cash flow method which was placed on record. Similar other submissions / pleas have been raised before us which lead us to reach a conclusion that the issue require re-appreciation by lower authorities. Similar is the position of impugned order where we find that there is no discussion as to how the three ingredients of Section 68 were satisfied by the assessee which led the Ld. CIT(A) to delete the impugned addition. On above facts and circumstances, without delving much deeper, we set aside the impugned issue and remit the matter back to the file of AO for re-adjudication after appreciating the documentary evidences filed by the assessee & pleas raised by Ld. AR. Revenue’s appeal stands allowed for statistical purposes.
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