Tribunal held that the assessee has proved the Identity and genuineness is proved. Order of CIT (A) deleting the addition is affirmed. Reassessment is quashed as the AO has applied his mind. Reassessment on the basis of change of opinion is not permissible. The assessee is subsidiary of EC Ltd in which the public are substantially interested within the meaning of S. 2(18) hence provisions of S. Section 56(2)(viib) is not applicable. (AY. 2011-12 to 2014-15, 2017-18)
Aadhaar Wholesale Trading & Distribution Ltd v. ACIT (2024) 230 TTJ 804 / 240 DTR 273 / 38 NYPTTJ 482/ 167 taxmann.com 526 (Mum)(Trib)
S. 68 : Cash credits-Share capital-Share premium-Identity and genuineness is proved-Order of CIT (A) deleting the addition is affirmed-Reassessment-Change of opinion-Reassessment is quashed-Commercial decision-Subsidiary-Deemed company in which the public are interested-Provisions of Section 56(2)(viib) is not applicable [S. 2(18), 52(2)(viib), 147, 148]