2025 (5) TMI 431

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....e : Shri Ashok Kumar Suthar, Sr. D.R. ORDER The present appeal has been filed by the Assessee against the order passed by the Learned Commissioner of Income Tax (Appeal)/National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as "CIT(A)'] dated 04.07.2024 arising from the order passed u/s. 147 r.w.s.144 of the Income Tax Act, 1961 (here-in-after referred to as "the Act") relev....

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....rn filed by the assessee stating that the return filed by the assessee was an invalid return. The CIT(A) dismissed the appeal of the assessee by way of an ex-parte order passed on 04-07-2024. 4. The ld. counsel for the assessee has submitted that it was not a case of transferring the money in kind i.e. by way of shares by way of transferring the higher value shares at low rates. The ld. counsel....

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....he calculation of value of shares by the Assessing Officer. She has demonstrated that the Assessing Officer failed to compute book value of assets, the amount of income tax/TDS/TCS credit or advance tax, and unamortized expenditure etc. The ld. counsel has further submitted that it is not a case of passing for higher value of shares at lower rates, rather the unsecured loan were converted into sha....