Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 26 - AT - Income TaxRevision u/s 263 - Share Premium regarded as Unexplained cash credit u/s 68 - proceedings declared under DTVSV - assessment order passed u/s. 143[3] rws 147 with regard to the amount representing the face value of shares issued by the assessee - HELD THAT:- In assessee’s case the declaration under DTVSV is made for the proceedings in which disputed amount pertaining to the allotment of shares to shell company on premium. The assessee has filed the necessary forms under DTVSV and the Form 5 confirming the settlement under the scheme issue by the PCIT. Therefore the impugned transaction in our view has been part of the proceedings declared under DTVSV. We see merit in the argument of the Ld.AR that without verification of the face value, the AO would not have assessed the premium amount and that the amount towards face value of the shares is part and parcel of the entire proceedings for which the assessee has opted DTVSV. Therefore assessee’s case is covered by the ratio laid down in Gopalakrishnan Rajkumar [2022 (5) TMI 1388 - MADRAS HIGH COURT] as followed by the decision of Shri Pavan Kandkur [2022 (11) TMI 1312 - ITAT BENGALURU] - Respectfully following these decisions, we hold that the PCIT is not justified in initiating the proceedings u/s. 263 when the impugned proceedings are already declared under DTVSV scheme. Accordingly, the order of the PCIT is quashed. Assessee appeal allowed.
|