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TMI Blog2023 (1) TMI 1014X X X X Extracts X X X X X X X X Extracts X X X X ..... facturing of precision machined components. The Return of Income for the assessment year 2014-15 was filed on 31.03.2016 declaring Rs.Nil income. Against the said return of income, the assessment was completed by the Income Tax Officer, Ward-1(2), Pune ('the Assessing Officer') vide order dated 28.11.2016 passed u/s 143(3) of the Income Tax Act, 1961 ('the Act') accepting the returned income. Subsequently, the ld. PCIT, after reviewing of the assessment records, found that the assessee company had received share application money of Rs.24,00,000/- along with securities premium of Rs.1,50,00,000/- from one Mr. Babban Singh (one of the Directors of the assessee company) and issued 24,000 shares on 31.07.2013 i.e. fully paid up at Rs.725/- ea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... However, the ld. PCIT rejected the above contentions of the appellant and set-aside the assessment order with direction to the Assessing Officer to examine the applicability of section 56(2)(viib) r.w. Rule 11UA of the Income Tax Rules, 1962 as well as the Assessing Officer also initiate penalty proceedings u/s 271F of the Act. 4. Being aggrieved, the appellant is in appeal before us in the present appeal. 5. It is contended before us that the provisions of section 56(2)(viib) have no application, as no share premium was received. The consideration was received towards share premium of Rs.725/- towards consideration of takeover of the business from one Mr. Babban Singh. He submits that the assessment order cannot be termed as "erroneous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he claim took one of the plausible views, the assessment order cannot be termed as an "erroneous". 8. Now, we proceed to examine the facts of the present case to decide whether the Assessing Officer had examined the applicability of provisions of section 56(2)(viib) relates to the receipt of share premium in question. No doubt, the Assessing Officer had called for the details of the share premium, the justification of share premium and also applicability of provisions of section 56(2)(viib) vide notice dated 16.08.2016 vide Query No.6, which is placed at page nos. 1 to 4 of the Paper Book. In response to above query, the appellant filed an explanation stating that the provisions of section 56(2)(viib) have no application to the facts of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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