Allowing the appeal of the assessee the Tribunal held that AO has not given an opportunity to assessee to exercise its option given as per Explanation (a)(ii) to S. 56(2)(viib) of the Act. Accordingly the certificate of CA which was filed before the CIT(A) as additional evidence is directed be admitted as additional evidence .Matter is remanded to CIT (A).( AY. 2013-14)
ASG Leather (P.) Ltd. v. ITO (2018) 171 ITD 476/ 170 DTR 17/ 195 TTJ 747 (Kol) (Trib.)
S. 251 : Appeal – Commissioner (Appeals) –Additional evidence-Valuation report of the CA which was filed before the CIT (A)-Tribunal directed the CIT(A) to accept the additional evidence as no opportunity was given by the AO to exercise the option as per Explanation (a) (ii) to section 56(2)(viib) of the Act. [ S.56(2)(viib), 254(1), R. 11UA(1) (b) ]