2023 (9) TMI 371

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....cumstances of the case, the Ld. CIT(A) has erred in facts & law of the case in allowing capitalization of interest on FDRs earned during the period of construction without considering the fact that funds (ECB) were completely free from any encumbrances as there was neither any legal requirement nor any compulsion on the part of the assessee company to make the FDR." "The Ld. CIT(A) has also erred in facts & law of the case by not considering the judgment of Apex Court in Tuticorin Alkali Chemical and Fertilizers Limited Vs . CIT (SC) 227 ITR 172 which is clearly application in this case." 2. "On the facts and circumstances of the case, the Ld. CIT(A) erred in deleting the addition of Rs. 45,97,44,964/- made on account of s....

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....on before learned Commissioner (appeals). Having taken note of the fact that the Tribunal and the Hon'ble High court has decided identical issue in favour of the assessee in assessment years 2012-13 and 2013-14, learned Commissioner (appeals) deleted the addition. 5. Before us, both the parties agreed that the issue is squarely covered by the decisions of the Tribunal and the Hon'ble High court in assessee's own cases for the assessment years 2012-13 and 2013-14. It is observed, while deciding identical issue in assessee's own cases for the assessment years 2012-13 and 2013-14, the Tribunal has deleted the additions made by the Assessing Officer. In fact, the appeals filed by the Revenue challenging the decision of the Tribunal in assess....

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....er the discounted cash flow method (DCF), the value at which the shares were sold with premium is as per FMV. In support of such contention, the assessee furnished a valuation report and other evidences. The additional evidences furnished and submissions made were forwarded to the Assessing Officer for his comments. After taking note of the report of the Assessing Officer, submissions of the assessee and other facts and materials on record, learned Commissioner (Appeals), being convinced with assessee's claim that the share premium received by the assessee is as per FMV of shares, deleted the addition. 7. We have considered rival contentions and perused materials on record. As can be seen from the facts on record, the share application m....