2026 (4) TMI 1694

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Department : Ms. Harpreet Kaur Hansra, Sr. DR ORDER PER SATBEER SINGH GODARA, JM This assessee's appeal for assessment year 2014-15, arises against the Commissioner of Income Tax (Appeals)-28 [in short, the "CIT(A)"], New Delhi's order dated 14.12.2018 passed in case no. 111/17-18, involving proceedings under section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Rabani Garg for 3230 shares having face value of Rs. 1 per share and premium thereupon @ 1299 per unit. It had sought to justify the same by filing corresponding supportive valuation report adopting one of the prescribed method i.e. Discount Cash Flow (DCF) under Rule 11UA of the Income Tax Rules. There is further no issue between the parties that what all the learned Assessing Officer appears to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ehemently reiterate their respective stands against and in support of the impugned addition. It is in this factual backdrop that we sought to ascertain as to whether the learned Assessing Officer had found any specific violation in the assessee's valuation report of its shares prepared under the prescribed "DCF" method. The Revenue could not take us to any such specific finding rebutting the asses....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sessee's unexplained cash credits of Rs. 4,19,97,800/- as well as the difference of Rs. 5,64,386/- (supra) made in both the lower proceedings. We are of the considered view that going by Lalji Haridas Vs. ITO (1961) 43 ITR 387 (SC), such a course of "protective" assessment arises only in an instance wherein the learned Assessing Officer has a doubt in his mind as to in whose hands a particular inc....