9911796707
TMI Blog2023 (6) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act') challenging the order dated 14.10.2022 passed by the Income Tax Appellate Tribunal, Ahmedabad, `C' Bench. 3. The facts in brief leading to filing the present appeal are as under: 3.1. Respondent assessee engaged in the business of manufacturing and trading of SS Scrap, Rod, Plates etc which is used for manufacturing SS Pipe, tubes, vessels, industrial equipment and machinery utensils. It is further the case of the revenue that the assessee imports raw materials from various dealers from Gulf countries and also locally by tender option from various suppliers. It is stated that for further expansion of the business, the assessee company installed a new plant for the production of MS Alloys and SS Alloys with a production capacity of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in Rule 11UA of the Rules. It is further observed that the additions made u/S. 56(2)(viib) of the Act amounting to Rs. 4,70,25,000/- made by the AO are not sustainable and hence deleted. 3.4. Against the said order passed by the CIT (Appeals), the appeal was filed by the respondent assessee as well as the present appellant challenging the order dated 20.9.2018 passed by the CIT (Appeals) before the ITAT. The tribunal vide impugned order dated 14.10.2022 dismissed the appeal filed by the Revenue and, therefore the present appeal has been filed by the appellant - revenue before this Court. 4. The learned Standing Counsel for the appellant revenue has raised various contentions and submitted that the tribunal has committed error while rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty shares for the purpose of Section 56(2)(viib) shall be the value determined under prescribed formula or as per DCF method which is at the option of the assessee. Thus the DCF method adopted by the assessee for determining the Fair Market Value of shares as per Rule 11UA does not requires any interference. Therefore the additions made u/s. 56(2) (viib) amounting to Rs. 4,70,25,000/- are not sustainable in law and the learned CIT (A) correctly deleted the same. Thus, the Grounds of Appeal raised by the Revenue are devoid of merits and the same are hereby rejected." 5. Thereafter, referred the provisions contained in Section 56(2)(viib) of the Act and thereafter contended that the aforesaid findings recorded by the tribunal are not cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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