Tribunal held that the AO has made addition difference between the market value of shares and purchase price of the shares. Therefore it cannot be said that the CIT(A) has discovered a new source of income. Addition confirmed by the CIT(A) by applying the provisions of S.56 (2)(vii)(c) of the Act is held to be valid. (ITA No. 2020/del/2017, dt. 14.06.2019)(AY. 2009-10, 2010-11)
Radhika Roy v. DCIT (2019) 200 TTJ 665 / 73 ITR 239 / 180 DTR 329 (Delhi)(Trib.), www.itatonline.org Dr. Prannoy Roy v. DCIT (2019) 200 TTJ 665 / 73 ITR 239 (Delhi)(Trib.), www.itatonline.org
S. 251 : Appeal-Commissioner (Appeals)–Powers -New source of income–Purchase of shares at Rs.4 per share when the market price was Rs.140 per share–AO made addition of Rs. 136 per share u/s 69/69B of the Act–CIT (A) confirmed the addition u/s. 56(2)(vii)(c) of the Act–CIT(A) has not discovered a new source of income-Order of CIT(A) is affirmed. [S. 56(2)(vii)(c), 69, 69B, 246A]