https://www.taxtmi.com/caselaws?id=783685 For addition under s.56(2)(viia) on purchase of unquoted shares, the assessee's FMV computation reduced "assets with no realisable value" reflected in the investee companies' balance sheets; since neither the AO nor the CIT(A) verified the factual basis for such reduction, the additions could not be sustained and the matter was set aside to the AO for de novo adjudication. On addition relating to sundry debtors/unexplained receipts, the AO's finding that all business transactions were bogus was inconsistent with treating purchases/sales as genuine, and no adverse material was shown for the relevant year; further, the impugned year's share sales did not generate the alleged debtors, hence the addition was deleted. The objection that the AO exceeded limited scrutiny was rejected because the assessee responded without protest, so the ground was dismissed. en-us Wed, 17 Dec 2025 00:00:00 +0530 Sat, 20 Dec 2025 07:45:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783685 For addition under s.56(2)(viia) on purchase of unquoted shares, the assessee's FMV computation reduced "assets with no realisable value" reflected in the investee companies' balance sheets; since neither the AO nor the CIT(A) verified the factual basis for such reduction, the additions could not be sustained and the matter was set aside to the AO for de novo adjudication. On addition relating to sundry debtors/unexplained receipts, the AO's finding that all business transactions were bogus was inconsistent with treating purchases/sales as genuine, and no adverse material was shown for the relevant year; further, the impugned year's share sales did not generate the alleged debtors, hence the addition was deleted. The objection that the AO exceeded limited scrutiny was rejected because the assessee responded without protest, so the ground was dismissed. Case-Laws Income Tax Wed, 17 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783685