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TMI Blog2018 (5) TMI 755X X X X Extracts X X X X X X X X Extracts X X X X ..... been considered by the authorities below. The matter, therefore, requires reconsideration at the level of the A.O. Accordingly set aside the orders of the authorities below and restore the matter in issue to the file of A.O. with a direction to redecide this issue in the light of reply and material filed by the assessee on record in the light of Explanation to Section 56(2)(viib) of the I.T. Act. A.O. shall give reasonable and sufficient opportunity to the assessee and shall pass detailed order on merit - Decided in favour of assessee for statistical purposes. - ITA.No.5715/Del./2017 - - - Dated:- 9-5-2018 - SHRI BHAVNESH SAINI, JUDICIAL MEMBER For The Assessee : Shri S.K. Tandon, FCA For The Revenue : Ms. Ashima Neb, Sr. D.R. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /-. The assessee was called upon to furnish fair market value of the shares of the assessee company. It is seen that book value of the said shares/fair market value comes to ₹ 240.89 as per computation furnished by assessee itself, whereas the shares have been issued at ₹ 250/-. The A.O. referred to provisions of Section 56(2)(viib) of the Act and asked for the explanation of assessee as to why addition of ₹ 4,55,500/- be not made. The A.O. noted that assessee is not able to contend anything against this addition on this ground. Therefore, amount of ₹ 4,55,500/- was added. The assessee challenged the addition before Ld. CIT(A). The written submissions of the assessee is reproduced in the appellate order in which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es reconsideration at the level of the A.O. Section 56(2)(viib) of the I.T. Act reads as under : [(viib) where a company, not being a company in which the public are substantially interested, receives, in any previous year, from any person being a resident, any consideration for issue of shares that exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the fair market value of the shares: Provided that this clause shall not apply where the consideration for issue of shares is received- (i) by a venture capital undertaking from a venture capital company or a venture capital fund; or (ii) by a company from a class or classes of persons as may be notified79 by the Central Governmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot been considered by the A.O. He has referred to PB-1 which is certificate by the C.A. to show fair market value as per circle rate. PB-2 to 3 is reply before A.O. to show that even higher value is shown considering various tangible and intangible assets of the assessee which is supported by PB-42 i.e., valuation report of immovable property of the assessee. Learned Counsel for the Assessee submitted that A.O. took only less value and has not determined the fair market value. Ld. D.R, however, contended that assessee did not file any evidence before the authorities below. 3.2. Considering the facts of the case in the light of material on record and order sheet of the A.O. filed on record, it is clear that assessee filed reply before A.O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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