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        <h1>Tribunal Upholds CIT(A)'s Decision, Dismisses Revenue's Appeal on Interest Expenditure & Share Valuation.</h1> <h3>Assistant Commissioner of Income Tax, Circle-1 (1), New Delhi Versus Addverb Technologies Pvt. Ltd.</h3> Assistant Commissioner of Income Tax, Circle-1 (1), New Delhi Versus Addverb Technologies Pvt. Ltd. - TMI Issues:1. Condonation of delay in filing the appeal by the Revenue.2. Disallowance of interest expenditure and addition under section 56(2)(viib) of the Act.Condonation of Delay in Filing the Appeal:The appeal by the Revenue was 14 days late, and the Assessing Officer sought condonation of the delay, which was granted by the tribunal. The delay was considered unintentional and for valid reasons, leading to the appeal being admitted for hearing on merits.Disallowance of Interest Expenditure:The Revenue challenged the deletion of disallowance of Rs. 3,95,014/- on account of proportionate interest expenditure. The department argued that the excess interest claimed was not justified, but the assessee contended that the interest claimed was for TDS portion only, which was allowed by the CIT(A) after detailed examination. The tribunal upheld the CIT(A)'s decision, stating that no contrary evidence was presented by the Revenue.Addition under Section 56(2)(viib) of the Act:Regarding the addition of Rs. 25,09,76,959/- under section 56(2)(viib) of the Act, the tribunal analyzed the valuation of shares issued by the assessee. The AO used the Net Asset Value (NAV) method to determine the share value, while the assessee followed the Discounted Cash Flow (DCF) method. The tribunal held that the shares were issued at a rate lower than the market value determined by the AO, hence the provisions of section 56(2)(viib) were not applicable. The tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the addition.In conclusion, the tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal on both grounds related to the disallowance of interest expenditure and the addition under section 56(2)(viib) of the Act. The judgment was pronounced on August 8, 2024, in an open court session.

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