https://www.taxtmi.com/caselaws?id=450748 ITAT Raipur remanded the matter back to CIT(A) for fresh adjudication regarding addition under section 56(2)(viia). The tribunal found that CIT(A) correctly held that the definition of "property" under section 56(2)(vii) does not distinguish between existing allotted shares and shares pending allotment. However, considering additional evidence submitted by the assessee that could not be presented before revenue authorities and following precedent from NTPC case, the tribunal allowed remand in the interest of justice. The decision aligned with a similar ruling for group concern in Riya Real Estate case. Appeal allowed for statistical purposes. en-us Thu, 07 Mar 2024 00:00:00 +0530 Fri, 17 May 2024 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450748 ITAT Raipur remanded the matter back to CIT(A) for fresh adjudication regarding addition under section 56(2)(viia). The tribunal found that CIT(A) correctly held that the definition of "property" under section 56(2)(vii) does not distinguish between existing allotted shares and shares pending allotment. However, considering additional evidence submitted by the assessee that could not be presented before revenue authorities and following precedent from NTPC case, the tribunal allowed remand in the interest of justice. The decision aligned with a similar ruling for group concern in Riya Real Estate case. Appeal allowed for statistical purposes. Case-Laws Income Tax Thu, 07 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450748