https://www.taxtmi.com/caselaws?id=313557 ITAT Delhi ruled in favor of the assessee on multiple grounds. The tribunal held that additions under section 56(2)(viib) for share premium were unsustainable as the assessee properly obtained fair market value determination through a prescribed accountant per rule 11UA, which the AO cannot substitute with his own valuation. The disallowance of expenses was remitted back to AO for fresh examination to determine corporate maintenance expenses versus business expenses. Additions under section 68 for unexplained cash credits were deleted as the assessee provided sufficient documentary evidence establishing identity, creditworthiness, and genuineness of investors. Penalty under section 271(1)(c) was also deleted as no surviving additions remained. en-us Wed, 02 Nov 2022 00:00:00 +0530 Sat, 20 Apr 2024 18:31:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313557 ITAT Delhi ruled in favor of the assessee on multiple grounds. The tribunal held that additions under section 56(2)(viib) for share premium were unsustainable as the assessee properly obtained fair market value determination through a prescribed accountant per rule 11UA, which the AO cannot substitute with his own valuation. The disallowance of expenses was remitted back to AO for fresh examination to determine corporate maintenance expenses versus business expenses. Additions under section 68 for unexplained cash credits were deleted as the assessee provided sufficient documentary evidence establishing identity, creditworthiness, and genuineness of investors. Penalty under section 271(1)(c) was also deleted as no surviving additions remained. Case-Laws Income Tax Wed, 02 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313557