2020 (6) TMI 203

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....e assessee that only ground Nos. 2 and 10 are pressed and the remaining grounds are not pressed. Accordingly, all grounds except ground Nos. 2 and 10 are rejected as not pressed. 3. Ground Nos.2 and 10 are as under: "2. The Learned CIT(A) has erred in confirming the action of Assessing Officer (AO) of invoking section 56(2)(viib) of the Act and taxing the share premium of Rs. 93,01,290/- under the said provisions. 10. The Learned CIT(A) erred in holding that the share capital along with the premium should be brought to tax u/s 68 of the Act which has the effect of enhancing the Assessment, ignoring the position of law that for enhancement, specific opportunity of hearing should be provided to the appellant." 4. Regar....

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.... This para reads as under:- "12. As per above Para of this judgment of Hon'ble Bombay High Court. it was held that the AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by calling a final determination from an independent valuer to confront the assessee. But the basis has to be DCF method and he cannot change the method of valuation which has been opted by the assessee. Hence, in our considered opinion. in the present case, when the guidance of Hon'ble Bombay high Court is available, we should follow this judgment of Hon'ble Bombay High Court in preference to various tribunal orders cited by both sides and therefore. we are not required to examine and consider these tribu....

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....en by the Tribunal in that case as per para No.12 of the Tribunal order reproduced above. Ground No.2 of the assessee's appeal is allowed for statistical purposes. 9. Now we decide ground No.10 of the assessee's appeal. In this regard, we first reproduce para No.5.5 from the order of CIT(A). This para reads as under: "5.5 Further this is noted from the order of the AO that although the amount treated as unexplained cash credit was Rs. 95,00,000/-, the AO has made addition of only Rs. 93,01,290/- by treating the same as income under Section 56(2)(viib) of the Act. This addition was without prejudice to the fact that amount of Rs. 95,00,000/- was treated as unexplained cash credit. As regards balance amount of Rs. 1,98,71....