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2023 (11) TMI 851 - ITAT DELHIAddition u/s 56(2)(viib) - share premium received from non-resident - projections in the valuation were not found to be relist by AO - AO held that assessee was not entitled to use discounted cash flow method at the time of first issue of shares for the purposes of section 56 and valuation report recommended the valuation of shares at Rs. 250.19 per share when it issued 57,910 shares. But the assessee used this valuation report for entire number of shares - HELD THAT:- Tribunal in M/S CLEARVIEW HEALTHCARE PVT. LTD. VERSUS ITO, WARD 6 (2) , NEW DELHI [2020 (1) TMI 1022 - ITAT DELHI] has concluded addition made by Assessing Officer on account of alleged excess share premium is unjustified when those very shares are sold in next financial year at much higher amount after proper due diligence, that to a non resident buyer and further there is no case of unaccounted money being brought in garb of stated share premium, hence, addition made u/s 56(2)(vii) of the Act is hereby deleted. Upon careful consideration, we find that the order of the Ld. CIT(A) was an ex-parte order. Moreover, the case law now referred was not put up before the authorities below. Hence, in the interest of justice, we remit this issue to the file of the Assessing Officer. The Assessing Officer shall examine the issue afresh in the light of our observation hereinabove duly verifying the factual veracity of the assessee’s submission. Appeal of the assessee stands allowed for statistical purposes.
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