https://www.taxtmi.com/caselaws?id=430157 The tribunal upheld the additions made by the AO under sections 69 and 56 of the Income Tax Act concerning the unexplained investment in shares of API Industries Pvt Ltd and the valuation of shares. The appellant's arguments regarding the source of investment and differing valuations were not accepted, leading to the confirmation of the additions. The tribunal directed a reconsideration by the Ld. CIT(A) to review the submissions in light of the company's financial distress and subsequent liquidation, allowing the appellant to provide supporting documents during the appellate proceedings. en-us Mon, 07 Nov 2022 00:00:00 +0530 Sat, 12 Nov 2022 09:14:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430157 The tribunal upheld the additions made by the AO under sections 69 and 56 of the Income Tax Act concerning the unexplained investment in shares of API Industries Pvt Ltd and the valuation of shares. The appellant's arguments regarding the source of investment and differing valuations were not accepted, leading to the confirmation of the additions. The tribunal directed a reconsideration by the Ld. CIT(A) to review the submissions in light of the company's financial distress and subsequent liquidation, allowing the appellant to provide supporting documents during the appellate proceedings. Case-Laws Income Tax Mon, 07 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430157