Admitting the petition , staying the proceedings of reassessment , the Court held that, in the assessment its self the AO mentions that the value of shares is less than Rs .5 per share on application of the Income -tax Rules. There was complete disclosure of facts during regular assessment proceedings .As all facts were disclosed and discussed in the original assessment proceedings, further on the application of method of valuation as mandated by the Explanation to S.56(2) (vii) , prima facie , the AO could not have reason to believe that the income chargeable to tax has escaped assessment. Accordingly the interim relief is granted as per prayer Clause (d) of the petition.( AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment – After the expiry of four years \u2013 Undisclosed investment \u2013 Valuation of shares \u2013 All facts were disclosed in the original return- Reassessment notice for valuing the shares at Rs. 35 as per Govt valuer\u2019s report as against the purchase value of Rs. 10 per share, though the value as per rule 11U was less than Rs. 5 per share .Reassessment proceeding is stayed by passing interim relief in terms of prayer clause (d) of the Act .[S. 56(2)(vii),69B, 148, R.11UA ]<\/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-715","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bx","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/715","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=715"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/715\/revisions"}],"predecessor-version":[{"id":934,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/715\/revisions\/934"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}