2026 (2) TMI 988

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....to as the First Appellate Authority or 'the ld. FAA' for short) in appeals filed before him against the orders of the ld. Assessing Officer (hereinafter referred to as the Ld. AO, for short) passed u/s 143(3) of the Income-tax Act, 1961 (hereafter referred to as 'the Act'). Further details of the orders of the lower authorities are as under:- ITA No. &AY Ld. FAA who passed the appellate order Appeal No. & Date of order of the Ld. FAA AO who passed the assessment order & Date of order 643/D/24 2014-15 NFAC, Delhi DIN & Order No : ITBA/NFAC/S/250/2023-24/1058804920(1) Dated 15.12.2023 DCIT, Circle-10(1) Dated 15.12.2016 644/Del/24 2015-16 NFAC, Delhi DIN & Order No : ITBA/NFAC/S/250/2023-24/1058810735(1) Dated....

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....ich assessee had subsequently filed appeal before Hon'ble High Court and the SLP of the assessee was dismissed. Thus, to rely the decision in Rupal Jain (supra) to contend that ld. CIT(A) has fallen in error in not following the ratio in Rupal Jain (supra) is not sustainable and on that counts alone the appeals of the revenue deserves to be dismissed. 5. Further, ld. DR has heavily relied impugned assessment orders and the findings for which we find that for AY: 2014-15 assessee had received share capital with share premium from Nine parties on the basis of the share valuation report prepared as per Rule 11A. Assessee had filed relevant evidence in the form of ITR of shareholders, bank statement of shareholders, copy of board resolution ....

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....sting shareholders or close relatives only. The share premium was determined as per Rule 11A and before the Assessing Officer copy of ITR of shareholder copy of bank statement of shareholder and copy of financial statements were filed. However, AO was not satisfied with regard to 6 of the investor and made addition of Rs. 585,00,000/-. Assessee filed additional evidence only and the copy of ITR and bank statement including source of each payment which have been relied by ld. CIT(A) to make deletion. 8. As with regard to addition of Rs. 112,49,998/- u/s 56(2)(viib) of the Act. One of that shares of companies were transferred to related parties @ Rs. 24 per share including face value of Rs. 10 and premium of Rs. 14 and assessee had claimed....