https://www.taxtmi.com/caselaws?id=763901 The ITAT Delhi ruled in favor of the assessee on two key issues. Regarding addition under Section 68 for bogus share capital, the tribunal held that the AO failed to conclusively establish the non-existence of investing companies, merely presuming their absence based on undelivered letters without further investigation. For enhancement under Section 56(2)(viib), the tribunal accepted the assessee's DCF valuation method showing share value at Rs. 80, justifying the Rs. 70 premium received. The tribunal emphasized that AOs cannot arbitrarily reject assessee's chosen valuation method without independent analysis. Appeal allowed. en-us Fri, 27 Dec 2024 00:00:00 +0530 Tue, 31 Dec 2024 08:43:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763901 The ITAT Delhi ruled in favor of the assessee on two key issues. Regarding addition under Section 68 for bogus share capital, the tribunal held that the AO failed to conclusively establish the non-existence of investing companies, merely presuming their absence based on undelivered letters without further investigation. For enhancement under Section 56(2)(viib), the tribunal accepted the assessee's DCF valuation method showing share value at Rs. 80, justifying the Rs. 70 premium received. The tribunal emphasized that AOs cannot arbitrarily reject assessee's chosen valuation method without independent analysis. Appeal allowed. Case-Laws Income Tax Fri, 27 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763901