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2020 (6) TMI 203 - AT - Income TaxAddition u/s 56(2)(viib) - CIT-A taxing the share premium hereunder - HELD THAT:- Respectfully following this Tribunal order and in turn the judgment of Hon’ble Bombay High Court rendered in the case of Vodafone M-Pesa Ltd., Vs. Pr.CIT [2018 (3) TMI 530 - BOMBAY HIGH COURT] we set aside the order of CIT(A) on this issue and restore the matter back to the file of AO for a fresh decision. Unexplained cash credit - Addition u/s 56 v/s 68 - AO has made addition by treating the same as income under section 56(2)(viib) - Enhancement by CIT-A without complying with the mandatory requirements of section 251 - HELD THAT:- We find that in Assessment Order, the AO has noted that prima facie the said amount of ₹ 95 lakhs can be construed as unexplained cash credit and thereafter, he has discussed and decided about the addition ultimately made by him of ₹ 93,01,290/- under section 56(2)(viib) Assessment Order is dated 06.11.2017. Under these facts, it appears that there is apparent mistake in the Assessment Order because even after observing this in para 1.1 of the Assessment Order that the entire amount of ₹ 95 lakhs is unexplained cash credit, the AO has made addition of only ₹ 93,01,290/- under section 56(2)(viib) without making any addition u/s 68. Even now, the period of rectification under section 154 has not expired and hence, we feel it proper that on this aspect also as to whether any addition is to be made under section 68 or not, we feel that the matter should be decided afresh by the AO.Assessee’s appeal is partly allowed for statistical purposes.
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