2020 (11) TMI 377

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....share premium paid by the petitioner for acquisition of the shares. The only two basises for doubting the same is the statement of Shri. K. R. Krishna, Managing Director of LVK Babywear Pvt. Ltd. and this fact that no valuation report was filed. It is also stated in the MP filed by the assessee that the assessee has placed in the Paper Book filed during the course of hearing of appeal, the affidavit of Shri. K. R. Krishna, Managing Director of LVK Babywear Pvt. Ltd., explaining his earlier statement that no premium was paid. It is stated in para 6 of the MP that this argument of the assessee was not considered by the Tribunal and therefore, this Tribunal order is containing an apparent mistake which should be rectified under section 254(2) ....

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....hich could not be controverted by the learned AR of the assessee, no interference is called for. In fact, we feel that even the loss of Rs. 299.90 Lacs allowed by the AO is also not proper because it is quite abnormal that any person will sale shares worth crores for a paltry sum of Rs. 10,000- except for stopping further loss. In the present case, further loss can be maximum Rs. 10,000/- being the sale proceeds said to have been realized and to stop this small and negligible loss, no normal person will sale shares having face value of Rs. 3 Crores and stated cost of Rs. 740,24,974/- for Rs. 10,000/- which is merely about 0.3% of the face value of the shares sold. Hence the sale itself is not beyond doubt. But the appellant cannot be wors....