https://www.taxtmi.com/caselaws?id=772780 The ITAT Cuttack set aside the CIT(A)'s order confirming addition of share premium under section 56(2)(viib) as income from other sources. The CIT(A) had rejected the assessee's valuation report as additional evidence without proper consideration. The ITAT held that dismissing the appeal on technical grounds for not filing an application under Rule 46A was improper, as the valuation report was crucial to the matter. The case was remanded to CIT(A) for fresh adjudication after providing reasonable opportunity to both parties, with grounds 1-5 allowed for statistical purposes. en-us Mon, 26 May 2025 00:00:00 +0530 Fri, 13 Jun 2025 08:41:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772780 The ITAT Cuttack set aside the CIT(A)'s order confirming addition of share premium under section 56(2)(viib) as income from other sources. The CIT(A) had rejected the assessee's valuation report as additional evidence without proper consideration. The ITAT held that dismissing the appeal on technical grounds for not filing an application under Rule 46A was improper, as the valuation report was crucial to the matter. The case was remanded to CIT(A) for fresh adjudication after providing reasonable opportunity to both parties, with grounds 1-5 allowed for statistical purposes. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772780