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TMI Blog2025 (3) TMI 605X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 13.09.2022 with the following substantial questions of law: "1. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in deleting addition made under section 56 (2) (viib) of the Act amounting to Rs.33,71,77,500 towards share premium collected from closely held company which is contrary to the intention lying behind the introduction of the said provision to bring to tax the unaccounted income brought into books of account through unwarranted or unjustified share premium by Corporate entities"? 2. Whether on the facts and in the circumstances of the case, the Tribunal's order is perverse in nature in deleting the addition made under section 56 (2) (viib) amounting to Rs. 33,71,77,500 pertainin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the Balance Sheet of the assess that there is Rs.33,71,77,500 received as securities premium credited on share issue. AR was asked vide order sheet noting dated 19.01.2016 to furnish the details of share issued along with share premium. AR of the assessee vide submission dated 25.02.2016 furnished the details of shares issued along with share premium details. During the A.Y. 2013-14 company has allotted 2,04,35,000 equity shares of Rs.10 each at premium of Rs.165 per share. Company has allotted shares as under. Parties to whom share allotted No. of shares Face Value of Share Value of Premium/share M/s UKN Properties Pvt Ltd 13,00,000 Rs. 10 Rs. 165 M/s Kshema Geo Holdings Pvt Ltd 6,33,000 Rs. 10 Rs. 165 Mr. Gautam Nambi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reasons as quoted by the AO for not considering the valuation report is that the Director during the survey proceedings has stated that there is no valuation report. We are unable appreciate this reason for rejection as the satisfaction to be recorded by the AO should not be objective satisfaction exercised at his discretion, but a subjective satisfaction based on the facts of the case. The lower authorities have not examined the basis on which the valuation is done and from the perusal of facts, no details in this regard have been called for by the lower authorities. The valuation report is rejected based on the objective satisfaction and not based on detailed examination. 19. In view of the above discussion and respectfully following t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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