Assessee \u00a0issued 50,000 shares of the face value of Rs. 100 at share premium of Rs. 150. The book value of the shares fair market value was Rs. 240.89 as per the computation furnished by the assessee, whereas the shares were issued at Rs. 250. The AO made an addition Rs. 4,55,500 \u00a0which was confirmed by the CIT(A). On appeal the\u00a0 Tribuanl held that \u00a0income of the assessee. The Commissioner (Appeals) confirmed the addition. On appeal \u00a0the Tribunal held that\u00a0 Assessee\u00a0 has filed\u00a0 certificate of Chartered Accountant and report of registered valuer. The Explanation to section\u00a056(2)(viib)\u00a0of the\u00a0Income-tax Act, 1961\u00a0had not been considered by the authorities. Therefore the matter was restored to the Assessing Officer with a direction to redecide this issue in the light of the reply and the material filed by the assessee on record in the light of the Explanation to section\u00a056(2)(viib)\u00a0.(AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 56 : Income from other sources -Receipt of shares without adequate consideration or for inadequate consideration \u2014 Assessee Filing Reply Before Assessing Officer supported by documentary evidence with certificate of Chartered Accountant and report of registered Valuer \u2014 AO was directed to decide issue a fresh [ S.56(2) viib)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1619","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-q7","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=1619"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1619\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=1619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=1619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=1619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}