9911796707
TMI Blog2018 (5) TMI 1492X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the AO has exceeded its jurisdiction in the matter of passing the order merely for the reason that the funds received by them in the form of share premium have been assessed u/s 56(2)(viib) The circulars relied on by the petitioner have no application to the facts of this case and the same would apply only in cases where the assessing officer needs to take the case of the assessee for a comprehensive scrutiny on a finding that there is potential escapement of income on other issues. - thus the writ petition is without merits and the same is dismissed - Decided against the assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... urces as provided under under section 56(2)(viib) of the Act. In terms of the said notice, the petitioner was called upon to furnish objections, if any, against the said proposal. The petitioner disputed the stand taken by the assessing officer in Ext.P4 notice that the fair market value of the share of the petitioner can be reckoned only as ₹ 100/-. Ext.P5 is the reply sent by the petitioner to the assessing officer in response to Ext.P4 notice. Later, after affording the petitioner an opportunity of hearing, the assessment of the petitioner for the relevant year was revised in terms of Ext.P6 order. Ext.P6 order is though appealable under the Act, the petitioner challenges the same in this proceedings under Article 226 of the Consti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant year in terms of the impugned order. 5. In so far as the impugned order is appealable under the Act and since the petitioner is challenging the order as one issued without jurisdiction for non-compliance of the directions contained in Exts.P7 to P9 circulars, the only issue to be examined is as to whether the assessing officer has acted beyond the scope of the issue mentioned in Ext.P1 notice in the matter of passing the impugned order. 6. Section 56 of the Act only defines various incomes to be assessed under the head "income from other sources". Clause (viib) of sub-section (2) of Section 56 deals with one among them. The said clause provides that where a company, not being a company in which the public are substantially inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
