TMI Blog2020 (6) TMI 203X X X X Extracts X X X X X X X X Extracts X X X X ..... - 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 expir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded to the appellant. 4. Regarding Ground No.2, learned AR of the assessee placed reliance on the Tribunal order rendered in the case of Innoviti Payment Solutions (P) Ltd., Vs. ITO as reported in 175 ITD 10 (Bangalore Trib.) and submitted that as per para No.12 of this Tribunal order, the Tribunal has restored the matter back to the file of AO for a fresh decision by following the judgment of Hon ble Bombay High Court rendered in the case of Vodafone M-Pesa Ltd., Vs. Pr.CIT as reported in 256 Taxman 240. He submitted that in the present case also, the matter may be restored back to the file of AO for a fresh decision with similar direction. Regarding ground No.10, it was submitted that as per para No.5.5 of the order of CIT(A), he h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o examine and consider these tribunal orders. Respectfully following this judgment of Hon'ble Bombay High Court, we set aside the order of CIT (A) and restore the matter to AO for a fresh decision in the light of this judgment of Hon'ble Bombay High Court. The AO should scrutinize the valuation report and he should determine a fresh valuation either by himself or by calling a final determination from an independent valuer and confront the same to the assessee. But the basis has to be DCF method and he cannot change the method of valuation which has been opted by the assessee. In our considered opinion and as per report of research committee of (ICAI) as reproduced above, most critical input of DCF model is the Cash Flow Projections. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regards balance amount of ₹ 1,98,710/-, the same should also have been added to the income of the appellant. The AO can take necessary remedial action to rectify the same. 10. We find that in this para, it is noted by the CIT(A) that although the AO treated the entire amount of ₹ 95 lakhs as unexplained cash credit, but he AO has made addition of only ₹ 93,01,290/- by treating the same as income under section 56(2)(viib) of the Income Tax Act, 1961. We find that in para No.1.1 of the 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 ₹ 93,01,2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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