2022 (9) TMI 696

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....red against the order of the CIT(A)-5, New Delhi dated 28.03.2019 for A.Y. 2014-15. 2. The solitary grievance of the assessee is that the CIT(A) erred in upholding the addition of Rs. 1,81,91,344/- made by the Assessing Officer in terms of section 56 (2)(viia) of the Act. 3. None appeared on behalf of the assessee inspite of notice we decided to proceed ex parte. The DR was heard at length. Case....

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.... In this regard it is seen that the appellant has taken this logic, after considering the enhanced value of shares, However, the value of share is to be taken as per FMV, just before the transfer of shares, where this comes to Rs. 1202/- against which the appellant has shown book value of shares at Rs. 1000/- for each share. The value of shares cannot be taken, after the transfer. Further, the FMV....

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.... pursuant to application filed for winding up of the company before ROC, name of BPPL is also struck off from ROC, Accordingly it is contended that the real value of share is nil, thus the value cannot be taken at Rs. 1202/- per share on 31.03.2014. 7.12 It is seen that this is a subsequent development and for the period under consideration, the fact remains the same that value of BPPL is Rs. 12....

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....higher than the consideration received. Therefore, the provisions of section 56(2)(viia) is duly applicable In the case of appellant, 7.15 With regard to the various cases relied upon by appellant, it is observed that facts of the case in Vaani Estates Pvt. Ltd., vs. ITO (Supra) is different, where provisions of section 56(2)(viib) was challenged with unrealistic premium and in the case of appel....