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TMI Blog2023 (1) TMI 1090X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 260A of the Income Tax Act, 1961 (hereafter 'the Act'). The impugned order is dated 22.12.2021. The Revenue claims that it had received the same on 14.02.2022. For the purposes of computing the period of limitation, the period prior to 28.02.2022 stands excluded by virtue of the orders passed by the Hon'ble Supreme Court in Suo Motu Writ Petition (Civil) No.3/2020 in Re: Cognizance for Extension of Limitation. 4. After excluding the period prior to 28.02.2022, the time for filing the present appeal expired on 28.06.2022. The present appeal has been filed after a delay of 109 days. The only explanation provided for such delay in the application seeking condonation of the delay in filing the appeal reads as under: "That the delay of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000 shares of an unlisted company (Indian Steel and Power Pvt. Ltd.) at the rate of Rs.10 per share. The learned Commissioner was of the view that the provisions of Section 56(2)(vii)(a) of the Act would be applicable and the assessee would be liable to pay tax on the difference between the consideration paid for the said shares and their Fair Market Value. The learned Commissioner was of the view that the fair market value of the share of Indian Steel and Power Pvt. Ltd, computed in accordance with Rule 11U of the Act was Rs.10.83 each, which was 8.3% higher than that the consideration paid by the assessee. According to the learned Commissioner, the valuation of the Chartered Accountant was erroneous as he had not included the value of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d escaped assessment. Paragraph 10 of the order dated 31.03.2021, passed by the Commissioner, reads as under: "10. However, these judgments do not help the case of the assessee since the above calculation (based on the financials submitted by the assessee itself) prima-facie shows that an income of at least Rs.(7,70,000x0.83), i.e. Rs.6,39,100 which was assessable as income from other sources under the provisions of section 56(2)(via) of the Act could not be so assessed since during the course of assessment proceedings, the applicability or otherwise of section 56(2)(viia) was neither enquired into nor examined with respect to the determination of fair market value of shares, which has resulted into an unintended relief to the assessee ag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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