TaxTMI 
TaxTMI 
2020 (11) TMI 273
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.... bad and erroneous in law and against the facts and circumstances of the case. 2. That the learned Commissioner of Income Tax (Appeals) ought to have held that the assessing officer has no jurisdiction to go beyond the valuation report issued by chartered accountant. 3. That the learned Commissioner of Income Tax (Appeals) erred in law and on facts in holding that the DCF method adopted by the appellant for valuation of shares is irrational and does not have relevance to the factual financial results of the assessee company. 4. That the learned Commissioner of Income Tax (Appeals) erred in law and on facts in holding that the valuation report cannot be relied upon because the Chartered Accountant did not verify th....
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....g the same. Therefore, the Ld.AO adopted Net Asset Value Method (NAV) and arrived at Rs. -11.17 as fair market value per share. 5. Based on the above findings, the Ld.AO held that, value of share computed by assessee exceed the fair market value and added the excess over face value of the shares issued to the residents as income u/s. 56(2)(viib) of the Act. 6. Aggrieved by the aforesaid order, preferred appeal before Ld.CIT(A) who dismissed the appeal of on the same findings of Ld.AO in the assessment order. 7. Aggrieved by order of Ld.CIT(A) assessee is in appeal before us now. 8. At the outset Ld.AR drew our attention to following Additional Ground raised vide application dated 10/03/2018: "That the addition made u....
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.... 11. On the contrary, Ld.Sr.DR placed reliance on orders passed by authorities below, however could not controvert applicability of said circular referred to by Ld.AR placed at page 2 of paper book in case of assessee. 12. We have perused submissions advanced by both sides in light of records placed before us. 13. This is a subsequent development in regards to issue that could go to the root cause for consideration. It is also noted that, these documents was not have placed before authorities below at the time of hearing. However, we are of opinion that these Circular would be helpful in considering the issues on merits. 14. Accordingly, we are inclined to admit the additional ground raised by assessee for considering the claim. ....
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....scrutiny to examine multiple issues including the issue of section 56(2)(viib)of the Act, this issue will not be pursued during the assessment proceedings and inquiry on other issues will be carried out by the Assessing Officer only after obtaining approval of the supervisory authority. iii. In case of Startup Companies recognized by the DPIIT, which have not filed Form No. 2, but have been selected for scrutiny, the inquiry in such cases also will be carried out by the Assessing Officer only after obtaining approval of the supervisory authorities. 3. Time limit for Completion of pending assessments of the Startups All assessment referred to in 2(i) should preferably be completed by the AOs by 30th September, 2019. The assess....
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....all not be pursued and no communication with the assessee in respect of outstanding demand shall be made for this purpose. In respect of other income-tax demand, it is decided that the income-tax demand shall not be pursued unless the demand is confirmed by the ITAT. 6. Constitution of Startup cell In order to redress grievances and to address various tax related issues in the cases of Startups, a Startup Cell is constituted on 30th August, 2019 with the following ex-officio members:- S.No. Portfolio Designation Contact Number 1. Member (IT&C) Chairman 011-230982831 2. JS (TPL-II) Member 011-23092859 3. CIT (ITA) Member 011-23092837 4. Director (ITA-I) Member Secretary 011-23....
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....rom CBDT after submitting declaration in Form 2 Forwarded message From: Deepshikha Sharma Date: Thu, May 16, 2019 at 12:07 PM Thu, Oct 3, 2019 at 5:39 F Subject: Intimation under clause (ii) of the proviso to Section 56(2)(viib) of the Income-tax Act, 1961 To: Cc: Deepshikha Sharma F.No. 173/147/2019-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA-I) **** Reference No. 130519000684 Dated 16th May 2019 Intimation under clause (ii) of the proviso to Section 56(2)(viib) of the Income- tax Act, 1961 With regard to your declaration dated 13-May-19, furnished in Form 2 in pursuance of para 5 of the notification no. G.S.R.127(E) dated 19th February 2019 of Department for P....