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2024 (3) TMI 529 - AT - Income TaxAddition u/s 56(2) - “Property” as defined in explanation (d) (ii) of section 56(2)(vii) makes distinction between the existing shares i.e. the shares already allotted by the company and those share which are pending allotment or not? - application of admission of additional evidence - HELD THAT:- As proper working of the addition u/s 56(2)(viia) were drawn and correct figures of the additions were arrived at. Such calculations have not been dislodged by the assessee before the revenue authorities. Ld. CIT(A) has decided the issue against the assessee stating that the term “Property” as defined in explanation (d) (ii) of section 56(2)(vii) does not makes distinction between the existing shares i.e. the shares already allotted by the company and those share which are pending allotment. Since there were certain additional information submitted by the assessee which could not be submitted before the revenue authorities for the reasons refer to in the application of admission of additional evidence, also additional grounds have been submitted for admission taking shelter of settled principle of law as laid down in the case of NTPC [1996 (12) TMI 7 - SUPREME COURT] therefore, in the interest of justice the matter requires to be restored back to the files of Ld. CIT(A) for fresh adjudication. Herein, it would be pertinent to mention that on similar aspect and issues under the identical circumstances in the case of group concern of the assessee M/s Riya Real Estate Private Limited for the AY 2012-13 & 2013-14, coordinate bench of the ITAT Raipur [2023 (11) TMI 198 - ITAT RAIPUR] had set aside the matter to the files of Ld. CIT(A) - Appeal of assesee allowed for statistical purposes.
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