BLP Vayu (Project-1) P.Ltd, Gurgaon V. Pr.CIT , Gurgaon

ITA 4895/DEL/2019

AI Insights

The case revolves around the revisional powers exercised by the PCIT under Section 263 of the Income Tax Act, 1961, concerning the assessment order for the Assessment Year 2014-15. The PCIT found the original assessment order erroneous and prejudicial to the interest of the revenue, primarily due to the failure of the Assessing Officer (AO) to examine the genuineness of transactions involving the issuance of shares at a substantial premium. The assessee, M/s. BLP Vayu (Project-1) Pvt. Ltd., challenged the revisional order, arguing that the AO had conducted necessary inquiries and that the PCIT's action was unwarranted. The Tribunal, after considering the submissions and the relevant legal provisions, concluded that the PCIT's revisional action was unjustified and restored the original assessment order.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 121465 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-05-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 15-03-2023
• Assessment Year: 2014-2015
• Appeal Filed On: 28-05-2019
• Other Referred Cases: D CIT vs. Ozone India Ltd., KB C India Pvt. Ltd. vs. ITO
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Fair market value
• Section: 56; 263; 28; 139; 143(3); 56(2); 201

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A” DELHI BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER & SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER I.T.A. No.4895/DEL/2019 Assessment Year 2014-15 M/s. BLP Vayu (Project-1) Pvt. Ltd. 14 th Floor, Tower B Vatika Towers DLF Golf Course Road, Suncity Sector-54 Gurgaon Haryana Vs. PCIT Gurgaon. TAN/PAN: AAFCB0591B (Appellant) (Respondent) Appellant by: Shri Rajiv Jain, CA Respondent by: Shri Kanv Bali, Sr.DR Date of hearing: 16 03 2023 Date of pronouncement: 31 05 2023 O R D E R PER PRADIP KUMAR KEDIA, A.M.: T he capt io ned ap pea l has been file d a t the i nst ance of th e assessee ag ai nst t he revisional orde r of the l d. Pr. CIT , G urga on (‘Pr. C IT ’ in sho rt ) dat ed 05. 03. 2019 wher ei n or der p assed b y t he Assessi ng Of ficer (AO ) u nder Secti on 143( 3) of t he I nco me Tax Act , 1961 (t he Act ) dat ed 15. 12. 2016 concerni ng A Y 201 4- 15 was hel d t o be err one ous i n s o f ar a s preju dicial to t he i nterest of t he revenue wit hin t he mea ning of Sect ion 263 of the Act . 2. T he grou nds of appea l ra ised b y the assesse e read as unde r: “ T h a t o n t h e f a c t s a n d c i r c u m s t a n c e s o f t h e c a s e l d P r . C I T , G u r g a o n in h i s o rd e r d a t e d 0 5 .0 3 . 2 0 1 9 p a s s e d u / s . 2 6 3 o f t h e A ct , e r r e d i n s e t t i n g a s i d e t h e o rd e r d a t e d 1 5 . 1 2 .2 0 1 6 f o r A Y 2 0 1 4 - 1 5 p a ss e d b y t h e Id A O , I.T.A. No.4895/Del/2019 2 W a r d - 1 ( 3 ) , G u rg a o n u / s 1 4 3 ( 3 ) o f t h e A c t , b y h o l d i ng t h a t i n r e s p e c t o f i s s u e o f 5 1 3 9 7 8 sh a r e s @ R s 1 2 8 4 .1 0 p e r s h a r e , f a i lu r e o f t h e l d A O t o e x a m i n e t h e g e n u i n e n e s s o f t h e t r a n s a c t i o n s , c r e d i tw o r t h i n e s s o f t h e p e r so n s f r o m w h i c h s h a r e p r e m i u m w a s r e c e i v e d a n d id e n t i t y , r e n d e r e d t h e a s s e s s m e n t e r r o n e o u s a n d p r e j u d i c i a l t o t h e i n te r e s t o f r e v e n u e a n d f u r t h e r e r r e d i n e x e r c i s i n g t h e p o w e r s u / s . 2 6 3 o f t h e A c t : ( i ) B e c a u s e t h e e n t i r e s h a r e a p p l i c a t i o n m o n e y w a s r e c e i v e d d u r i n g t h e F . Y . 2 0 1 2 -1 3 c o r r e sp o n d i n g t o A . Y . 2 0 1 3 - 1 4 a n d t h e e n t i r e i s s u e i n c l u d i n g sh a r e p r e m i u m w a s e x a m i n e d b y t h e l d A O tw i c e , f i r s t d u r i n g t h e c o u r s e o f p r o c e e d i n g s f o r A . Y . 2 0 1 3 -1 4 c o n c l u d ed b y o r d e r d a t e d 1 6 . 0 3 .2 0 1 6 p a s s e d u s 1 4 3 ( 3 ) o f t h e A c t a n d t h e n a g ai n d u r i n g t h e c o u r s e o f a s s e s s m e n t p r o c e e d i n g s f o r A Y 2 0 1 4 - 2 0 1 5 . ( i i ) B e c a u s e p r o v i s i o n s o f s e c t i o n 6 8 o f t h e I n c o m e T a x A c t , 1 9 6 1 c a n b e a p p l i e d o n l y i n t h e y e a r i n w h i c h sh a r e a p p l i c a ti o n m o n e y o r s h a r e p r e m i u m i s r e c e i v e d a n d n o t i n a n y s u b s e q u e n t y e a r .” 3. A s per the grou nds of a ppe al, the assess ee has so ught to chall enge th e ju ri sdi ct ion as sumed by the P r. CIT under Secti on 263 of t he A ct and as a corol lar y s ou ght to i mpugn t he re vis ional order pas sed by t he Pr. CIT u nder Sec tion 263 of the A ct. 4. Br ie fl y s tated, th e assess ee-compa ny is e ngage d i n the bus iness of gen er ati ng and dea l ing i n e lect ric it y and all fo rms of ener gy a nd powe r gene rated by w ind and ot her co nventional a nd non c onvent i ona l method s. T he ret urn file d b y the assessee fo r th e A ssess me nt Yea r 2014- 15 w as s ubj ected to scrutin y assess ment. A n assess ment o rder w as framed under Se ction 143(3) of t he A ct w her ei n the i nc ome o f t he asses s ee retu rned at R s. N il was accept ed b y t he A ssessing O ffic er w ithout an y mo dificati ons. Therea fter, the Pr. CIT in e xe rc ise of his re visi on ar y pow ers iss ue d show ca use not ice dat ed 29. 11. 2018 under Sec t ion 263 of t he A ct re qui ri ng t he ass essee to sh ow cause n ot ice as to wh y the assess me nt so framed u nde r Sec t io n 143(3) w as not mod ifie d/set asi de on the ground that such o rder is err one ous in s o f ar as it is prej udicia l to the inte rest of t he Re venue. The show ca use notice issu ed i n t his regar d is extracted he rein for rea dy re fe rence. I.T.A. No.4895/Del/2019 3 “ I n t h i s c a s e , t h e a s s e s s e e c o m p a n y h a d f u rn i s h e d it s r e t u r n o f i n c o m e f o r t h e A . Y . 2 0 1 4 - 1 5 o n 3 0 .1 1 . 2 0 1 4 d e c l a r i n g a n i n co m e / l o s s o f R s . N i l . A s s e s s m e n t w a s c o m p l e t e d a c c e p t i n g r e t u r n e d i n c o m e u n d e r s e c t i o n 1 4 3 ( 3 ) o f t h e I . T . A c t , 1 9 6 1 v i d e o r d e r d a t e d 1 5 . 1 2. 2 0 1 6 . 2 . T h e a s s e s s m e n t r e c o r d s o f t h e a f o r e s a i d a s s e s s e e c o m p a n y f o r t h e A . Y . 2 0 1 4 -1 5 w e r e e x a m i n e d . O n p e r u sa l o f t h e a s s e s s m e n t r e c o r d s , i t w a s n o t i c e d t h a t t h e c a s e w a s s e l e c t e d u n d e r s c r u t i n y th r o u g h C AS S w i t h t h e r e a so n s " L a r g e S h a r e p r e m i u m r e c e i v e d d u r i n g t h e y ea r " . D u r i n g t h e y e a r u n d e r c o n s i d e ra t i o n , t h e a s s e s s e e c o m p a n y h a s i s s u e d t o t a l 5 1 3 9 7 8 s h a r e @ R s . 1 2 8 4 . 1 0 / - p e r sh a r e t o v a r i o u s p a r t i e s a g a i n s t t h e f a c e v a l u e o f R s . 1 0 / - e a c h a n d r e c e i v e d s h a r e p re m i u m t o t h e t u n e o f R s . 6 5 , 1 8 ,5 9 ,3 7 0 / - . D u r i n g t h e c o u r s e o f a s s e s s m e n t p roc e e d i n g s , t h e A O w a s r e q u i r e d Y o e x a m i n e t h e j u s t i f i c a t i o n o f s h a r e p r e mi u m w i t h r e g a r d t o t h e F M V a n d t h e c r e d i t w o r t h i n e s s o f t h e s u b s c r i b e r t o w h o m t h e s a id s h a r e s h a v e b e e n a l l o t t e d a t a h u g e p r e m i u m . I t i s o b s e r v e d t h a t t h e A O f a i l e d t o e x a m i n e t h e s a m e b u t c o m p l e t e d t h e a s s e s sm e n t , a c c e p t i n g t h e F M V o f s h a r e s a s s u b m i t t e d b y t h e a s s e s s e e . T h e F M V a d o p t e d b y t h e a s s e s s e e a t h u g e p r e m i u m o f R s . 1 2 7 4 .1 0 / - i s a p p a r en t l y o n a h i g h e r s i d e i n v i e w o f t h e f i n a n c i a l s t a t e m e n t o f t h e a s s e s s e e . 3 . F a i l u r e o f t h e A O t o e x a m i n e t h e g e n u i n e n e s s o f t h e t r a n s a c t i o n s, c r e d i t w o r t h i n e s s o f t h e p e r s o n s f r o m w h i c h s h a r e p re m i u m h a s a l l e g e d l y r e c e i v e d a n d t h e i r i d e n t i t y r e n d e r e d t h e a s s e s s m e n t e r r o n e o u s a n d p r e j u d i c i a l t o t h e i n t e r e s t o f t h e r e v e n u e . 4 . Y o u a r e , t h e r e f o r e , p r o v i d e d a n o p p o r t u n i t y t o sh o w c a u s e a s t o w h y t h e a s s e s s m e n t o rd e r p a s s e d b y t h e I T O , W a r d 1 ( 3 ) G urg a o n , d a t e d 1 5 . 1 2 .2 0 1 6 f o r t h e A . Y . 2 0 1 4 -1 5 i n y o u r c a s e s h o u l d n o t b e r e v i s e d u / s . 2 6 3 o f t h e A c t . Y o u a r e r e q u e s t e d t o a t t e n d e d m y o ff i c e o n 1 8 . 1 2 .2 0 1 8 a t 1 0 : 3 0 A M e i t h e r i n p e r s o n o r b y r e p r e s e n t a t i v e d u l y a u t h o r i z e d i n w r i t i n g o n y o u r b e h a l f o r p r o d u c e o r c a u s e t o b e p ro d u c e d a t t h e s a i d t i m e , a n y d o c u m e n t s o r a n y o t h e r e v i d e n c e o n w h i c h y o u r r e l y i n y o u r s u p p o r t . I n c a s e o f n o r e p l y / n o n -a t t e n d a n c e a s p e r a b o v e , i t s h a l l b e a s su m e d th a t y o u r d o n o t w i s h t o s a y a n y t h in g i n t h e m a t t e r a n d t h e m a t t e r w o u l d b e d e c i d e d a s p e r m a t e r i a l a v a i l a b l e o n r e c o rd w i t h o u t a n y f u r t h e r n o t i c e / i n t i m a t i o n t o y o u . Y o u r s f a i t h f u l l y , P r . C o m m i s s i o n e r o f I n c o m e T a x G u r u g ra m 5. A s per the show ca use n otice, on the bas is o f perusal of case reco rds t he P r. CIT obs er ve d that t he assesse e has iss ued 5139 78 sha res @ Rs. 1284. 10 pe r s ha re aga i nst t he face va lue of Rs. 10/ - each an d recei ved a premium to th e tune of Rs. 65.48 cr ore. The I.T.A. No.4895/Del/2019 4 case w as selecte d for scr utin y for veri ficat io n o f l arge shar e pre mi um recei ve d dur in g t he year. T he A ssessi ng O ffic er however in t he c ourse of t he assess men t has c ompleted the asses s me nt a nd accept ed t he Fa ir Marke t V alue (FMV ) of s ha res su bmi tte d b y the assessee w i thout carryin g out e xami nat i on on jus tific ati on of the sha re pre mi um and also t he creditw ort hi ness of the s ubsc ri be r t o w hom shar es hav e bee n a llotted on such a huge pr emium. A s pe r show cau se not ice, the P r.C IT th us a lle ged t hat t he fai lure of the A ssessi ng O ffic er to ex amine the ge nuineness of t he t ra nsact ion, cred itw orthiness o f the pe rs ons from w hom sh ar e premium h ave been rec ei ve d has ren de red, t he assess me nt e rroneous and prej udicia l to t he i nte rest of the Re ve nue. 6. T he Pr.C IT did not fi nd t he repl y of t he assess ee i n res ponse to the show caus e notice t o b e satis fact ory a nd co ncluded t hat the assess me nt ord er so passed is erroneous and prej udicia l to the inte res t of the Re ven ue on t he grou nd t ha t the A ssess ing O fficer has not pursue d t he inquiries to th ei r log ical e nd resulti ng i n the assess me nt order errone ous an d prej udicial to t he inte res t of the Reven ue. T he P r. CIT acc ord ingly s et asi de t he assess me nt o rde r and directed the A ssessing O ffic er t o pass f res h assess ment o rde r af te r maki ng tho rough an d deta iled inqui ri es o n the pa rt icular issu e of issuance o f sha res a t huge pre mium. 7. A gg rieve d by t he afore sai d a ct ion of t he P r. CIT , the asse ssee is in a ppeal befo re th e T ri bu nal a gi tati ng t he as sumpt ion of supervisor y j uris dic tion us urped by t he Pr. C I T as well conseq uentia l orde r pass ed u nde r Section 263 of the A ct . 8. T he l d. counse l for t he ass essee broadl y re it erated its submiss ions ma de before t he Pr. C IT a nd submitt ed that all I.T.A. No.4895/Del/2019 5 re le vant fac ts and evi dence s c once rni ng t he issue and allot ment of sha res and pre mi um w e re placed bef ore the A ssessi ng Office r i n purs uance o f in qui ri es carried out unde r Sect ion 142( 1) of t he A ct in the cou rse of a ssess ment. T he ld. counsel pointed out that the assessee co mpa ny had iss ued 51397 8 shares onl y one ent it y and that to o to ‘M/s . BLP Energ y P vt. L td.’ at a premium of Rs. 1284. 10 p er s ha res having regard t o t he audite d f in ancial sta tement for F. Y. 2013 -14. The aforesaid s ubs criber M/s. BLP Energ y Pv t. Lt d. i s 10 0% holding co mpa ny and t he s ha res have not been allot ted t o an y th ir d pa rt y i nvest or. D elineati ng furthe r, the l d. counse l referred t o i ts repl y d ated 01. 02. 20 19 pl aced be for e the P r. CIT and s ub mi tte d that t he sai d amount of invest ment aggrega ting to Rs. 66 crore w as rec ei ved b y t he a ssesse e compa ny in th e p receedi ng Fina nc ial Y ea r, i. e. , F. Y. 2012-13 (A . Y. 2013- 14) i n t he f orm o f share a ppl ica tion mone y an d the sha res h ave been iss ued against such receipts i n the su bsequent ye ar t o the holdi ng c ompan y res ul t in g i n se cur ities premium a mount of Rs. 65, 48,60, 220/ - bei ng acc ounted for its books of ac count. The ld. c ounse l next s ub mi tte d that w hi le the s hare applicat ion mone y w as re cei ved in preceding A sses s ment Yea r 2 013- 14 whic h w as als o subj ect ed to s crut in y ass ess ment unde r Sec ti on 143( 3) of the A ct, the comp lia nce of Section 56( 2)( vi ib) of the Ac t w as also ve ri fied in the A ssess ment Y ea r 2014-15 in ques tion. Spec ific que ries have been raised wi th re ga rd t o the aspects of t he share pre mi um and t he conce rn expresse d in the s how caus e not ice of the P r. CIT is t hus to ta l ly un foun ded. T he ld. co unsel t hus submit ted that the share ap pl ica ti on money w as re cei ved in the precedi ng Assess ment Y ea r 20 13-14 for w hich t he allot ment w as carr ie d out in t he A ssess ment Y ear 20 14-15 i n question and most I.T.A. No.4895/Del/2019 6 impor ta nt l y, t he s hares w er e a ll ott ed to its 100 % holdin g compa n y and none els e and therefo re, the re was no w a rrant to i nv oke th e deemin g fic ti on of Section 56(2 )(vi i b) in the c on text of the c ase. It w as the reafter sub mi tte d that t he al lotment ha ve b een ca rrie d out in t un e w ith t he valua tion report towa rds calc ul at i on of fai r ma rket val ue of s hares as per Ru le 1 1U A(2)(b) of the Income Ta x Rules. A copy of valua tion report ob ta ined in this r egard w as re fe rre d to and reli ed u pon i n res pect of the c ase so mad e out. The ld. counse l thus submitte d t hat req uisit e in qui ri es we re dil ig entl y carr ie d out b y t he Assessin g O fficer as w a rra nt ed in the facts of the case and t he Pr. CIT , o n the ot her han d, has omitted to take note of the glar in g facts of all ot ment of shares t o i ts holdi ng co mpan y car ryi ng out subs tan tial bu sine ss in energ y s ector. It was thus a ll eged that t he ac tion of the Pr. CIT is pe rfunctor y. Th e l d. counse l th us urged for can ce lla tion of the revisi onal or der and res to ra tion of th e stan ds of t he A ssess in g Officer. 9. T he ld. D R f or t he Reven ue, o n t he other han d, re fe rred t o and rel ie d upon th e r ev is iona l order and sub mi tte d i n f urt he rance that the A ssess ing O ff ice r has f ai led t o discharge its quasi ju di cial functi ons ob liga ted unde r the s tat ute and has per functoril y accept ed t he p osit ion take n b y the asse ssee w itho ut a ny mean in gful inqui ry. T he ld. D R thus supporte d th e acti on of th e Pr. CIT and submi t ted t ha t suc h blatant lack o f inquir y has res ul te d in an er rone ous o rde r causing gra ve prej udice t o t he R eve nu e. It w as submit ted that the ac tion of the Pr. CIT is co vered b y the w ide ampt it ude of the re vis io na l powers. 10. We have ca refull y and d is pass iona te l y co ns idered the ri val submiss ions and p erused the revisio nal order and the assess ment I.T.A. No.4895/Del/2019 7 order t oget her wi t h other d ocu me nts and ma ter ial place d be for e us and a dverte d t o. The P r. C IT , i n t he i ns tan t cas e, ha s sought to canc el t he ass essment orde r on t he pre text t hat l arge sh ar e pre mi um re cei ved agai ns t all ot me nt of shares have not bee n enquired i nto. 11. T he P r.C IT has con trove rt ed t he prop ri et y of a ssess ment order on the grou nd that re quis ite inqu irie s ha ve not been ca rr ied out w ith re fe re nc e to the rece ipt of huge s hare p remium on all ot ment o f s hares on t he t ouchs tone of Secti on 56(2)(v iib) o f the A ct. The Pr. C IT als o obs erved tha t the Assess ing O fficer has fa il ed t o e xa mi ne the genuin eness of the tr ans acti on of allot ment of s ha res on the touch ston e of Sec tion 68 of t he Act. 11. 1 A s per case rec or ds, it is a n u ndis puted fact t ha t the s hares have been a llott ed at a pre mi um to its 100% hol di ng co mpa ny. Thus, a ppli cabi lit y of Se ct ion on 56( 2)(vii b) has to be seen in th is pe rspect i ve. The Co -ordinate Ben ch of T ribun al i n D CIT vs. O zone Indi a Ltd. in ITA No.2 081/A hd/ 2018 or der dated 13. 04.2021 in the context of Se ct ion 56(2) (vi ib) has anal yz ed th e deemin g p rovisi ons of Secti on 56( 2)(viib) o f the A ct th readbare and i nt er alia obs erve d t ha t t he dee ming cla use re quires t o be gi ve n a sche ma tic int erpreta ti on. T he trans acti on of al lot ment of sha res at a pre mium in the ins ta nt c ase is betw e en holding co mpan y and it is s ubsi di ar y co mpan y and thus w hen see n holis ticall y, t he re is no bene fit de rive d b y the ass essee by is sue of sha res at ce rta in premiu m notwi ths tand in g tha t the share premi u m exce eds a fai r mar ket value in a gi ven cas e. Ins tincti vel y, i t is a trans ac tion betw een th e sel f, i f so to sa y. The t rue pu rpor t of Sect ion 56(2 )(v ii b) w as anal yz ed i n O zone c ase a nd it w as I.T.A. No.4895/Del/2019 8 obs erve d that t he obj ect iv e behi nd the p rovis i ons of Secti on 56( 2)(vii b) is to p revent unlawf ul g ai ns by is suing co mpan y i n th e ga rb of c apital receipts. In the insta nt ca se, not onl y that the fair ma rket value is suppo rted b y i ndepe ndent value r r epo rt, the all ot ment h as been made to t he e xist ing s hareho ld er holding 100% equi ty an d t he re fore, t he re is no cha nge i n t he interes t or cont rol ove r t he mo ne y b y such i ssuanc e of s ha res. T he objec t of de e mi ng an unjust i fi ed pr emiu m charge d on issue o f sh are as taxable inco me under Se cti on 56 (2)( vi ib) is w hol l y i na pplicable f or trans ac tions b etw een hol di ng a nd i ts subs idia r y c omp any w he re no inco me can be s a id to accr ue to the u lti ma te be ne ficia r y, i. e., holdi ng comp any. T he cha rg eabi li t y of dee me d in come a ris ing fro m transa ctions betw e en hol ding and subs id ia r y or vice versa mi l ita tes agai nst t he s olemn obj ec t of S ect ion 56(2)(vii b) of the A ct. In this bac kdro p, the ex te nt of i nqui ry o n the purpor te d cred ibil it y of pre mi um ch ar ged does not real l y mat ter as no prej udice ca n poss ibl y result fr om t he outc ome of such in qui ry. Thus, t he condi ti on for a ppl ica bi lit y of Secti on 263 for inqui ry into the t ra nsa cti ons betwe en t o in te rw oven holding and subs i diar y co mpany i s of n o consequen ce. We a ls o affi rma tivel y note t he decisi on of SMC B ench in t he case of KB C I ndi a Pvt. Lt d. vs. ITO in ITA N o . 9710/D e l/ 201 9 or der dated 02. 11. 2022 (S MC ) w her e it w as obs erved th at Secti on 56(2)(vii b) cou ld not be appl ied i n th e c as e of t ransac tion betw een h old in g compan y a nd w hol l y ow ne d subsidiar y in t he abse nce o f a ny bene fit occur ri ng to any outs ider. 12. Prelimi nar y enqu ir y, i f u nde rtaken, by Pr. C IT would have thus possi bl y chan ged the disco urs e in the present case. I.T.A. No.4895/Del/2019 9 13. A s rega rds inqui ry o n t he paramete rs of Sec t ion 68 is conce rn ed, it is th e case of the asses see th at t he mone y/credit has been entered i n the books of the assess ee i n preceeding A ssess me nt Y ea r 2013-14 and t he re fore, Sec t ion 68 it self is not appl icable qua AY 2014-15 i n qu est ion. This notw ithst anding, mone y has bee n rec eived from hol di ng co mpa ny ca rr ying subs tantia l bus ines s ac tiviti es a nd getti ng assessed yea r after yea r. O n an e nqu ir y from th e Be nc h, the l d. couns el placed the assess me nt orde r dat ed 30. 12. 20 19 pass ed by th e Assessing O fficer in purs uance of the impug ned revis iona l order a nd submit ted that t he addi ti ons of Rs. 65, 48, 60, 220 /- has been ca rrie d out un der Secti on 56(2) (vi i b) o f t he A ct b y re -d etermi ning the Fai r Ma rket V alue . T he asses see th us cont en ds tha t the Assessi ng O fficer was thus a lso sa tis fie d w ith the pa ra me ters of Section 68 of the A ct t ow ar ds such na ture an d source of su ch cre di ts in the pos t re visional pro ceedings. 14. A rev isi onal a ct i on o f t he P r. CIT in the conte xt of t he facts of the case thus appea rs t o be w hol l y unj us t ified and wi thout meet ing the j uri sdicti ona l requi re me nt of Sect ion 263 of t he A ct. We thus fi nd w holesome me ri t i n the plea o f the assessee f or canc el lati on of the revis iona l order a nd res to ra ti on of t he order of the A ssess ing O f fi cer. We do so acc ord ingly. 15. In the res ul t, the appeal of t he asses see is allow e d. Order pronounced in the open Court on 31/05/2023 Sd/- Sd/- [CHALLA NAGENDRA PRASAD] [PRADIP KUMAR KEDIA] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: /05/2023 prabhat