R Srinivasan, Chennai V. DCIT, Corporate Circle 1(2), Chennai

ITSSA 1/CHNY/2018

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 4706 (ITAT-CHENNAI)
• Duration Of Justice: 1 year(s) 1 month(s) 21 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 21-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: misc
• Appeal Filed On: 31-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S BHARATH
• Assessee Lawyers: B RAMAKRISHNAN
• Keywords: Depreciation; Share purchase agreement; Valuation report; Block assessment; Unabsorbed depreciation; Set aside
• Section: 69C; 69B; 32; 147; 148; 263; 144; 10; 139

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, CHENNAI . . . , ! ' , $ '% BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER I.T.(SS) A. NO.1/CHNY/2018 BLOCK ASSESSMENT PERIOD : 1987-88 TO 1995-96 AND PART OF 1996-97 SHRI R. SRINIVASAN, NO.103, ASHOK NAGAR MAIN ROAD, KODAMBAKKAM, CHENNAI - 600024. PAN : AAIPS 8386 H V. THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(2), CHENNAI - 600 034. ('(/ APPELLANT) (*+'(/ RESPONDENT) '( , - / APPELLANT BY : SH. B. RAMAKRISHNAN, FCA *+'( , - / RESPONDENT BY : SHRI S. BHARATH, CIT . , /$ / DATE OF HEARING : 21.02.2019 012 , /$ / DATE OF PRONOUNCEMENT : 21.03.2019 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER : THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST T HE ORDER OF THE ASSESSING OFFICER DATED 20.11.2017 CONSEQUENT T O THE ORDER PASSED BY THE APEX COURT IN SLP NO.7741 OF 2013 DAT ED 29.04.2014. 2. THERE WAS A DELAY OF 12 DAYS IN FILING THIS APPE AL BY THE ASSESSEE. THE ASSESSEE HAS FILED A PETITION FOR CO NDONATION OF 2 I.T.(SS) A. NO.1/CHNY/18 DELAY. WE HAVE HEARD THE LD. REPRESENTATIVE FOR TH E ASSESSEE AND THE LD. D.R. WE FIND THAT THERE WAS SUFFICIENT CAU SE FOR NOT FILING THE APPEAL BEFORE THE STIPULATED TIME. THEREFORE, WE C ONDONE THE DELAY AND ADMIT THE APPEAL. 3. SH. B. RAMAKRISHNAN, THE LD. REPRESENTATIVE FOR THE ASSESSEE, SUBMITTED THAT THE APEX COURT IN I.A.4/20 14 IN CIVIL APPEAL NO.7741/2013 DATED 29.04.2014 DIRECTED THE A SSESSING OFFICER TO DECIDE THE ISSUE AFRESH UNINFLUENCED BY THE ORDER OF THE HIGH COURT. HOWEVER, ACCORDING TO THE LD. REPRESEN TATIVE, THE ASSESSING OFFICER HAS PASSED THE VERY SAME ORDER WI THOUT REFERRING TO ANY OF THE PROVISIONS OF INCOME-TAX ACT, 1961 (I N SHORT 'THE ACT'). ACCORDING TO THE LD. REPRESENTATIVE, THE ASSESSEE W AS AN EMPLOYEE OF ONGC. THE ASSESSEE LEFT THE EMPLOYMENT IN 1995 AND FLOATED SEVERAL COMMERCIAL INSTITUTIONS FOR BUSINESS. THE ASSESSEE, ACCORDING TO THE LD. REPRESENTATIVE, PROMOTED SEVER AL COMPANIES SUCH AS SHREE RAMADOSS FINANCE (P) LTD., SHREE RAMA DOSS BUILDERS (P) LTD., SREE RAMADOSS ESTATES (P) LTD., S.R. ASSOCIATES, SREE RAMADOSS EXPORTS, ETC. ALL THESE COMPANIES AR E KNOWN AS S.R. GROUP OF COMPANIES. 3 I.T.(SS) A. NO.1/CHNY/18 4. SH. B. RAMAKRISHNAN, THE LD. REPRESENTATIVE FOR THE ASSESSEE, SUBMITTED THAT THERE WAS A SEARCH IN THE PREMISES OF THE ASSESSEE ON 13.02.1996. A SIMULTANEOUS SEARCH WAS ALSO CONDUCTED IN THE BUSINESS PREMISES OF THE COMPANIES PROMOTED BY THE ASSESSEE. DURING THE COURSE OF SEARCH OPERATIO N, ACCORDING TO THE LD. REPRESENTATIVE, THE ASSESSING OFFICER FOUND CERTAIN SHARE CERTIFICATES AND THE APPLICATION FOR TRANSFER OF SA ID SHARES. ACCORDING TO THE LD. REPRESENTATIVE, THE ASSESSEE P URCHASED THE SHARES AT THE RATE OF 100/- PER SHARE. THIS IS APPARENT FROM THE COPY OF APPLICATION FOUND DURING THE COURSE OF SEAR CH OPERATION FOR TRANSFER OF SAID SHARES. ACCORDING TO THE LD. REPR ESENTATIVE, THE ASSESSEE, IN FACT, PURCHASED THE SHARES OF M/S TALE NT ALLOYS (P) LTD. AND M/S TALENT STEEL INDUSTRIES PVT. LTD. AT FACE V ALUE OF 100/- PER SHARE. ACCORDING TO THE LD. REPRESENTATIVE, THE AS SESSING OFFICER IGNORING THE SEIZED MATERIAL, ESTIMATED THE VALUE O F ASSET OF THE COMPANY AND FOUND THAT THE ASSESSEE HAS INVESTED MO RE MONEY. SIMILARLY, ACCORDING TO THE LD. REPRESENTATIVE, THE SHARES OF M/S ANCHOR BREWERIES LTD. WAS ALSO PURCHASED BY THE ASS ESSEE ON THE FACE VALUE OF 100/- PER SHARE. THE ASSESSING OFFICER OBTAINED TH E VALUATION REPORT WITH REGARD TO LAND OF THE SAID CO MPANY AND ESTIMATED THE VALUE OF THE SHARES AT AN EXORBITANT RATE. 4 I.T.(SS) A. NO.1/CHNY/18 5. REFERRING TO SECTION 158BB(1) OF THE ACT, SH. B. RAMAKRISHNAN, THE LD. REPRESENTATIVE FOR THE ASSESS EE, SUBMITTED THAT THE ASSESSING OFFICER FOR THE PURPOSE OF COMPL ETING THE BLOCK ASSESSMENT, HAS TO CONFINE HIMSELF ONLY TO THE MATE RIAL FOUND DURING THE COURSE OF SEARCH OPERATION AND SUCH OTHER INFOR MATION WHICH IS RELATABLE TO THE MATERIAL FOUND DURING THE COURSE O F SEARCH OPERATION. IN THIS CASE, ACCORDING TO THE LD. REPR ESENTATIVE, WHAT WAS FOUND DURING THE COURSE OF SEARCH OPERATION IS THE SHARE CERTIFICATES OF M/S TALENT ALLOYS (P) LTD., M/S TAL ENT STEEL INDUSTRIES PVT. LTD. AND M/S ANCHOR BREWERIES LTD. THE COPIE S OF SHARE TRANSFER CERTIFICATES WERE ALSO FOUND DURING THE CO URSE OF SEARCH OPERATION. PRIMA FACIE , ACCORDING TO THE LD. REPRESENTATIVE, THE COPIES OF SHARE TRANSFER APPLICATION DISCLOSES THE SALE CONSIDERATION OF 100/- PER SHARE. APART FROM THIS, NO MATERIAL WAS AVAILABLE WITH THE ASSESSING OFFICER TO CONCLUDE THAT THE ASSESSEE HAD PAID MORE MONEY OVER AND ABOVE WHAT IS STATED IN THE SHARE TR ANSFER APPLICATION. ACCORDING TO THE LD. REPRESENTATIVE, THE ASSESSING OFFICER EXCEEDED HIS JURISDICTION IN ESTIMATING THE VALUE OF THE LAND OF THE COMPANY AND TO CONCLUDE THAT THE VALUE OF SH ARE IS MORE THAN 100/-. ACCORDING TO THE LD. REPRESENTATIVE, SHARE CERTIFICATES AND 5 I.T.(SS) A. NO.1/CHNY/18 SHARE TRANSFER APPLICATION PRIMA FACIE DISCLOSES THE VALUE OF SHARE AT 100/- PER SHARE. ACCORDING TO THE LD. REPRESENTATI VE, ESTIMATING THE NETWORTH OF THE COMPANY TO DETERMINE THE SALE C ONSIDERATION OF THE SHARES IS BEYOND THE JURISDICTION OF THE ASSESS ING OFFICER. THE ASSESSING OFFICER, ACCORDING TO THE LD. REPRESENTAT IVE, CANNOT TRAVEL BEYOND THE PROVISIONS OF INCOME-TAX ACT TO DETERMIN E THE UNDISCLOSED INCOME FOR THE BLOCK PERIOD. 6. ON THE CONTRARY, SHRI S. BHARATH, THE LD. DEPART MENTAL REPRESENTATIVE, SUBMITTED THAT THERE WAS A SEARCH I N THE PREMISES OF THE ASSESSEE ON 13.02.1996. ACCORDING TO THE LD . D.R., THE ASSESSING OFFICER COMPUTED THE UNDISCLOSED INCOME U NDER SECTION 158BC OF THE ACT. THE ASSESSEE FILED APPEAL BEFORE THIS TRIBUNAL AGAINST THE ORIGINAL ASSESSMENT ORDER AND ALSO BEFO RE THE HIGH COURT. AN ORDER WAS ALSO APPEARS TO BE PASSED UNDE R SECTION 263 OF THE ACT, IN THE MEAN TIME, BY THE ADMINISTRATIVE COMMISSIONER ON 28.03.2001. HOWEVER, THE HIGH COURT QUASHED THE SA ME AND DELETED THE ADDITION MADE THEREIN. ACCORDING TO TH E LD. D.R., AGAINST THE ORDER OF THE HIGH COURT, THE ASSESSEE M OVED APEX COURT. THE APEX COURT BY AN ORDER DATED 29.04.2014 , DIRECTED THE ASSESSING OFFICER TO RE-EXAMINE THE MATTER UNINFLUE NCED BY THE 6 I.T.(SS) A. NO.1/CHNY/18 OBSERVATION MADE BY THE HIGH COURT. CONSEQUENT TO THE DIRECTION OF THE APEX COURT, ACCORDING TO THE LD. D.R., THE ASSE SSING OFFICER HAS PASSED THE IMPUGNED ORDER WHICH IS NOW UNDER CHALLE NGE BEFORE THIS TRIBUNAL UNDER SECTIONS 261 AND 262 OF THE ACT . ACCORDING TO THE LD. D.R., THE ONLY ISSUE ARISES FOR CONSIDERATI ON ON MERIT IS THE COST OF THE SHARES OF M/S TALENT ALLOYS (P) LTD., M /S TALENT STEEL INDUSTRIES PVT. LTD. AND M/S ANCHOR BREWERIES LTD. IN FACT, THE ASSESSEE INVESTED IN THE SHARES OF THREE COMPANIES ON THE FACE VALUE OF 100/- PER SHARE. ACCORDING TO THE LD. D.R., THE AS SESSING OFFICER OBTAINED THE VALUATION REPORT IN RESPECT OF THE LAND OWNED BY THESE COMPANIES AND CAME TO A CONCLUSION THAT THE C OST OF THE SHARES ARE MUCH MORE THAN THE FACE VALUE OF 100/- PER SHARE. THEREFORE, ACCORDING TO THE LD. D.R., THE ASSESSING OFFICER ESTIMATED THE COST OF SHARES ON THE BASIS OF THE VA LUE OF LAND AND MADE ADDITION TO THE EXTENT OF THE DIFFERENCE BETWE EN THE COST OF SHARES SO ESTIMATED AND FACE VALUE. IN FACT, ACCOR DING TO THE LD. D.R., THE ASSESSING OFFICER ADOPTED THE COST OF SHA RES AT 6732/- PER SHARE. 7. ON A QUERY FROM THE BENCH WHAT WAS THE MATERIAL FOUND BY THE ASSESSING OFFICER DURING THE COURSE OF SEARCH O PERATION OTHER 7 I.T.(SS) A. NO.1/CHNY/18 THAN THE SHARE CERTIFICATES AND COPIES OF SHARE TRA NSFER APPLICATION? THE LD. D.R. VERY FAIRLY SUBMITTED THAT NO OTHER MA TERIAL OTHER THAN THE SHARE CERTIFICATES AND COPIES OF SHARE TRANSFER APPLICATION WERE FOUND. THE LD. D.R. ALSO CLARIFIED THAT THE COPIES OF SHARE TRANSFER APPLICATION DISCLOSES THE VALUE OF SHARES AT 100/- PER SHARE FOR TRANSFER. THE ASSESSING OFFICER VALUED THE COST OF LAND HELD BY THE COMPANIES AND CAME TO A CONCLUSION THAT THE VALUE O F SHARES WOULD BE 6732/- THEREFORE, ACCORDING TO THE LD. D.R., THE ASSESSING OFFICER HAS RIGHTLY ESTIMATED THE INVESTMENT IN THE SHARES OF THREE COMPANIES. 8. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS ON EITH ER SIDE AND PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. THE ONLY ISSUE ARISES FOR CONSIDERATION IS INVESTMENT MADE BY THE ASSESSEE IN THE SHARES OF M/S TALENT ALLOYS (P) LTD., M/S TALENT ST EEL INDUSTRIES PVT. LTD. AND M/S ANCHOR BREWERIES LTD. THE ASSESSEE CL AIMS THAT INVESTMENT IN THE SHARES OF THESE THREE COMPANIES A RE AT 100/- PER SHARE. IT IS ALSO NOT IN DISPUTE THAT THE FACE VAL UE OF SHARES IS 100/- PER SHARE. THE COPIES OF TRANSFER APPLICATION FOUN D DURING THE COURSE OF SEARCH OPERATION DISCLOSE THAT THE VALUE OF SHARES IS 100/- PER SHARE. THE ASSESSING OFFICER ESTIMATED T HE VALUE OF THE 8 I.T.(SS) A. NO.1/CHNY/18 ASSET, NAMELY, THE LAND OWNED BY THE COMPANIES AND FOUND THAT THE VALUE OF SHARES WOULD BE 6732/- PER SHARE. THE QUESTION ARISES FOR CONSIDERATION IS WHEN THE ASSESSING OFFICER HAS NO MATERIAL OTHER THAN THE SHARE CERTIFICATES AND COPIES OF SHA RE TRANSFER APPLICATION, CAN THE VALUE OF THE LAND BE A BASIS F OR ESTIMATING THE INVESTMENT MADE BY THE ASSESSEE IN THE SHARES OF TH E THREE COMPANIES? WE HAVE CAREFULLY GONE THROUGH THE PROV ISIONS OF SECTION 158BB(1) OF THE ACT WHICH READS AS FOLLOWS: - COMPUTATION OF THE UNDISCLOSED INCOME OF THE BLOCK PERIOD. 158BB(1) THE UNDISCLOSED INCOME OF THE BLOCK PERIOD SH ALL BE THE AGGREGATE OF THE TOTAL INCOME OF THE PREVIOUS YEARS FALLING WITHIN THE BLOCK PERIOD COMPUTED, IN ACCORDANCE WITH THE PROVISIONS OF THIS ACT, ON THE BASIS OF EVIDENCE FOUND AS A RESUL T OF SEARCH OR REQUISITION OF BOOKS OF ACCOUNT OR OTHER DOCUMENTS AND SUCH OTHER MATERIALS OR INFORMATION AS ARE AVAILABLE WIT H THE ASSESSING OFFICER AND RELATABLE TO SUCH EVIDENCE, AS REDUCED BY THE AGGREGATE OF THE TOTAL INCOME, OR, AS THE CASE MAY BE, AS INCREASED BY THE AGGREGATE OF THE LOSSES OF SUCH PR EVIOUS YEARS, DETERMINED,-- (A) WHERE ASSESSMENTS UNDER SECTION 143 OR SECTION 144 OR SECTION 147 HAVE BEEN CONCLUDED PRIOR TO THE DATE OF COMMENCEMENT OF THE SEARCH OR THE DATE OF REQUISITI ON, ON THE BASIS OF SUCH ASSESSMENTS ; (B) WHERE RETURNS OF INCOME HAVE BEEN FILED UNDER S ECTION 139 OR IN RESPONSE TO A NOTICE ISSUED UNDER SUB-SECT ION (1) OF SECTION 142 OR SECTION 148 BUT ASSESSMENTS HAVE NOT BEEN MADE TILL THE DATE OF SEARCH OR REQUISITION, ON THE BASIS OF THE INCOME DISCLOSED IN SUCH RETURNS ; 9 I.T.(SS) A. NO.1/CHNY/18 (C) WHERE THE DUE DATE FOR FILING A RETURN OF INCOM E HAS EXPIRED, BUT NO RETURN OF INCOME HAS BEEN FILED, AS NIL ; (D) WHERE THE PREVIOUS YEAR HAS NOT ENDED OR THE DA TE OF FILING THE RETURN OF INCOME UNDER SUB-SECTION (1) O F SECTION 139 HAS NOT EXPIRED, ON THE BASIS OF ENTRIES RELATING TO SUCH INCOME OR TRANSACTIONS AS RECORDED IN THE BOOKS OF ACCOUNT AND OTHER DOCUMENTS MAINTAINED IN THE NORMAL COURSE ON OR BEFORE THE DATE OF THE SEARCH OR REQUISITION RELATI NG TO SUCH PREVIOUS YEARS ; (E) WHERE ANY ORDER OF SETTLEMENT HAS BEEN MADE UND ER SUB- SECTION (4) OF SECTION 245D, ON THE BASIS OF SUCH ORDER ; (F) WHERE AN ASSESSMENT OF UNDISCLOSED INCOME HAD B EEN MADE EARLIER UNDER CLAUSE (C) OF SECTION 158BC, ON THE BASIS OF SUCH ASSESSMENT. EXPLANATION FOR THE PURPOSES OF DETERMINATION OF UNDISCLOSED INCOME,-- (A) THE TOTAL INCOME OR LOSS OF EACH PREVIOUS YEAR SHALL, FOR THE PURPOSE OF AGGREGATION, BE TAKEN AS THE TOTAL I NCOME OR LOSS COMPUTED IN ACCORDANCE WITH THE PROVISIONS OF CHAPTER IV WITHOUT GIVING EFFECT TO SET OFF OF BROUGHT FORW ARD LOSSES UNDER CHAPTER VI OR UNABSORBED DEPRECIATION UNDER SUB-SECTION (2) OF SECTION 32 ; (B) OF A FIRM, RETURNED INCOME AND TOTAL INCOME ASS ESSED FOR EACH OF THE PREVIOUS YEARS FALLING WITHIN THE BLOCK PERIOD SHALL BE THE INCOME DETERMINED BEFORE ALLOWING DEDU CTION OF SALARY, INTEREST, COMMISSION, BONUS OR REMUNERATION BY WHATEVER NAME CALLED TO ANY PARTNER NOT BEING A WOR KING PARTNER : PROVIDED THAT UNDISCLOSED INCOME OF THE FIRM SO DET ERMINED SHALL NOT BE CHARGEABLE TO TAX IN THE HANDS OF THE P ARTNERS, WHETHER ON ALLOCATION OR ON ACCOUNT OF ENHANCEMENT ; (C) ASSESSMENT UNDER SECTION 143 INCLUDES DETERMINATI ON OF INCOME UNDER SUB-SECTION (1B) OF SECTION 143. 10 I.T.(SS) A. NO.1/CHNY/18 (2) IN COMPUTING THE UNDISCLOSED INCOME OF THE BLOCK PERIOD, THE PROVISIONS OF SECTIONS 68, 69, 69A, 69B AND 69C SHALL, SO FAR AS MAY BE, APPLY AND REFERENCES TO 'FINANCIAL YEAR' IN THOSE SECTIONS SHALL BE CONSTRUED AS REFERENCES TO THE RELEVANT PR EVIOUS YEAR FALLING IN THE BLOCK PERIOD INCLUDING THE PREVIOUS YEAR ENDING WITH THE DATE OF SEARCH OR OF THE REQUISITION. (3) THE BURDEN OF PROVING TO THE SATISFACTION OF THE ASSESSING OFFICER THAT ANY UNDISCLOSED INCOME HAD ALREADY BEE N DISCLOSED IN ANY RETURN OF INCOME FILED BY THE ASSESSEE BEFORE T HE COMMENCEMENT OF SEARCH OR OF THE REQUISITION, AS TH E CASE MAY BE, SHALL BE ON THE ASSESSEE. (4) FOR THE PURPOSES OF ASSESSMENT UNDER THIS CHAPTE R, LOSSES BROUGHT FORWARD FROM THE PREVIOUS YEAR UNDER CHAPTE R VI OR UNABSORBED DEPRECIATION UNDER SUB-SECTION (2) OF SEC TION 32 SHALL NOT BE SET OFF AGAINST THE UNDISCLOSED INCOME DETER MINED IN THE BLOCK ASSESSMENT UNDER THIS CHAPTER, BUT MAY BE CAR RIED FORWARD FOR BEING SET OFF IN THE REGULAR ASSESSMENTS. 9. IN VIEW OF THE SPECIFIC LANGUAGE EMPLOYED BY THE PARLIAMENT, THE ASSESSING OFFICER IS EXPECTED TO CONFINE HIMSEL F ONLY TO THE MATERIAL FOUND DURING THE COURSE OF SEARCH OPERATIO N AND SUCH OTHER INFORMATION WHICH IS RELATABLE TO THE MATERIAL FOUN D DURING THE COURSE OF SEARCH OPERATION. IN THIS CASE, ADMITTED LY, WHAT WAS FOUND IS THE SHARE CERTIFICATES AND COPIES OF SHARE TRANSFER APPLICATION. NO MATERIAL IS AVAILABLE OTHER THAN T HESE TWO DOCUMENTS TO INDICATE OR SUGGEST THAT THE ASSESSEE HAS PAID MORE MONEY OVER AND ABOVE WHAT WAS DISCLOSED IN THE SHAR E TRANSFER APPLICATION. THE ASSESSING OFFICER ESTIMATED THE V ALUE OF SHARES ON 11 I.T.(SS) A. NO.1/CHNY/18 THE BASIS OF THE VALUE OF THE LAND OWNED BY THE SAI D THREE COMPANIES. THIS TRIBUNAL IS OF THE CONSIDERED OPIN ION THAT IN THE ABSENCE OF ANY MATERIAL FOUND DURING THE COURSE OF SEARCH OPERATION WITH REGARD TO INVESTMENT MADE BY THE ASS ESSEE OVER AND ABOVE WHAT WAS DISCLOSED IN THE SHARE TRANSFER APPL ICATION, MERE ESTIMATION OF VALUE OF THE LAND CANNOT BE A BASIS F OR MAKING ANY ADDITION. THE ASSESSING OFFICER CANNOT TRAVEL BEYO ND THE LANGUAGE EMPLOYED BY THE PARLIAMENT IN SECTION 158BB(1) OF T HE ACT. 10. MOREOVER, THE PURCHASE PRICE OF SHARES IS ONE T HING AND NETWORTH OF THE COMPANY IS ANOTHER THING. THERE MA Y BE VARIOUS REASONS FOR THE SHAREHOLDERS OR THE COMPANIES TO DI SPOSE THE SHARES FAR BELOW THE NETWORTH OF THE COMPANY. WHAT IS TO BE SEEN IN THE BLOCK ASSESSMENT IS WHETHER THE ASSESSEE HAS PAID MORE MONEY OVER AND ABOVE THE FACE VALUE OF THE SHARE. IN THE ABSENCE OF ANY MATERIAL FOUND DURING THE COURSE OF SEARCH O PERATION AND ANY OTHER INFORMATION WHICH INDICATES PAYMENT OF MORE M ONEY OVER AND ABOVE WHAT IS DISCLOSED IN THE SHARE APPLICATION, T HIS TRIBUNAL IS OF THE CONSIDERED OPINION THAT THERE CANNOT BE ANY ADD ITION WITH REGARD TO INVESTMENT MADE IN THE SHARES OF THE ABOVE SAID COMPANIES. THEREFORE, THIS TRIBUNAL IS UNABLE TO UPHOLD THE OR DER OF THE 12 I.T.(SS) A. NO.1/CHNY/18 ASSESSING OFFICER. ACCORDINGLY, THE ORDER OF THE A SSESSING OFFICER IS SET ASIDE AND THE ASSESSING OFFICER IS DIRECTED TO TAKE THE INVESTMENT IN THE SHARES AT 100/- PER SHARE AS FOUND IN THE SHARE TRANSFER APPLICATION. 11. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE COURT ON 21 ST MARCH, 2019 AT CHENNAI. SD/- SD/- ( ! ' ) ( . . . ) (INTURI RAMA RAO) (N.R.S. GANESAN) $ / ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, 4 /DATED, THE 21 ST MARCH, 2019. KRI. , */56 762/ /COPY TO: 1. '( /APPELLANT 2. *+'( /RESPONDENT 3. PRINCIPAL CIT-1, CHENNAI 4. 68 */ /DR 5GG. 9: ; /GF.