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ITAT upheld the assessee's appeal and set aside the additions made by the AO. The Tribunal held that amendment to s.56(2)(viia) addresses allotment of existing unappropriated shares and does not extend to bona fide fresh issue/allotment by a company; therefore the AO's valuation-based addition on alleged share premium was unsustainable. Separately, additions treating sundry debtors and alleged investments as unexplained or fictitious were also quashed: where the AO has simultaneously held entire transactions to be non-genuine, he cannot selectively treat purchases/sales or claim sundry debtors as taxable in an earlier year. Consequently, all impugned additions were held illegal and deleted.
ITAT upheld the assessee's appeal and set aside the additions made by the AO. The Tribunal held that amendment to s.56(2)(viia) addresses allotment of existing unappropriated shares and does not extend to bona fide fresh issue/allotment by a company; therefore the AO's valuation-based addition on alleged share premium was unsustainable. Separately, additions treating sundry debtors and alleged investments as unexplained or fictitious were also quashed: where the AO has simultaneously held entire transactions to be non-genuine, he cannot selectively treat purchases/sales or claim sundry debtors as taxable in an earlier year. Consequently, all impugned additions were held illegal and deleted.
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