Kumari Infin (P) Ltd, New Delhi V. ITO WARD - 14(4), New Delhi

ITA 5546/DEL/2019

• Counselvise Citation: [2022] 107 COUNSELVISE.COM (IT) 1140 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 2 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-08-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2014-2015
• Appeal Filed On: 25-06-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Fair market value
• Section: 56

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘H’, NEW DELHI BEFORE SH. N. K. BILLAIYA, ACCOUNTANT MEMBER AND SH. ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.5546/Del/2019 Assessment Year: 2014-15 Kumari Infin (P) Ltd. 13/34, WEA IV Floor, Main Arya Samaj road, Karol Bagh, New Delhi PAN No.AACCK241L Vs ITO Ward- 14 (4) New Delhi (APPELLANT) (RESPONDENT) Appellant None Respondent Sh. M. Baranwal, CIT DR Date of hearing: 01/09/2022 Date of Pronouncement: 01/09/2022 ORDER PER N.K. BILLAIYA, AM: This appeal by the assessee is preferred against the order of the CIT(A)-5, New Delhi dated 28.03.2019 for A.Y.2014-15. 2. The solitary grievance of the assessee is that the CIT(A) 2 erred in upholding the addition of Rs.1,81,91,344/- made by the Assessing Officer in terms of section 56 (2)(viia) of the Act. 3. None appeared on behalf of the assessee inspite of notice we decided to proceed exparte. The DR was heard at length. Case records carefully perused. 4. We find that the assessee has received 90,000 shares of Bhawani Portfolio Limited @ rate of Rs.1000/- per share which was found to be less than fair market value by the AO on the basis of NAV as per Audited Financial Filed. According to the AO as per Rule 11 UA it comes to Rs.1202/- per share basis this the AO proceeded to make the addition of difference of Rs.202.13 per share and made addition of Rs.1,81,91,344/-. 5. Assessee strongly agitated the matter before the CIT(A). It was strongly contended that if the FMV determined by the AO is considered as income then the value of share allotted will automatically have the same effect, therefore, no addition is called for. 6. After considering the facts and the submissions the CIT(A) held as under :- 3 4 5 7. We have given a thoughtful consideration to the findings of the CIT(A) (supra) we do not find any error or infirmity in the above findings, therefore, no interference is called for. The appeal filed by the assessee is dismissed. 8. Decision announced in the open court on 01.09.2022. Sd/- Sd/- (ANUBHAV SHARMA) (N. K. BILLAIYA) JUDICIAL MEMBER ACCOUNTANT MEMBER *NEHA, Sr. Private Secretary* Date:- .09.2022 Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI 6 Date of dictation 01.09.2022 Date on which the typed draft is placed before the dictating Member 02.09.2022 Date on which the typed draft is placed before the Other member 02.09.2022 Date on which the approved draft comes to the Sr.PS/PS 02.09.2022 Date on which the fair order is placed before the Dictating Member for Pronouncement 02.09.2022 Date on which the fair order comes back to the Sr. PS/ PS 02.09.2022 Date on which the final order is uploaded on the website of ITAT 02.09.2022 Date on which the file goes to the Bench Clerk 02.09.2022 Date on which file goes to the Head Clerk. The date on which file goes to the Assistant Registrar for signature on the order Date of dispatch of the Order