https://www.taxtmi.com/caselaws?id=756841 The tribunal granted condonation for the Revenue's 14-day delay in filing the appeal, admitting it for hearing. It upheld the CIT(A)'s decision, allowing the proportionate interest expenditure of Rs. 3,95,014/- claimed by the assessee, as the Revenue failed to provide contrary evidence. Additionally, the tribunal dismissed the Revenue's appeal regarding the addition of Rs. 25,09,76,959/- under section 56(2)(viib), affirming that the shares were issued at a rate lower than the market value determined by the AO. The tribunal concluded by upholding the CIT(A)'s order on both issues, effectively dismissing the Revenue's appeal. en-us Thu, 08 Aug 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:05:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756841 The tribunal granted condonation for the Revenue's 14-day delay in filing the appeal, admitting it for hearing. It upheld the CIT(A)'s decision, allowing the proportionate interest expenditure of Rs. 3,95,014/- claimed by the assessee, as the Revenue failed to provide contrary evidence. Additionally, the tribunal dismissed the Revenue's appeal regarding the addition of Rs. 25,09,76,959/- under section 56(2)(viib), affirming that the shares were issued at a rate lower than the market value determined by the AO. The tribunal concluded by upholding the CIT(A)'s order on both issues, effectively dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 08 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756841