9911796707
TMI Blog2023 (7) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... ) deleted the additions - HELD THAT:- As gone through the remand report submitted by the AO on the valuation of fair market value as per Rule 11UA(1) of the Rules. We find that in the remand report, other than supporting the assessment, AO has not commented at all on the determination of fair market value as per book value prescribed u/r 11UA(1) of the I.T. Rules. No error or infirmity was pointed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the addition u/s 56(2)(viia)(ii) of the Income tax Act, 1961 (hereinafter referred to as 'the Act') amounting to Rs. 64,20,99,900/-. 3. Briefly stated, the facts of the case are that the assessee filed its return of income electronically on 30.09.2015 declaring loss of Rs. 11,300/-. Return was selected for scrutiny assessment through CASS and, accordingly, statutory notices were issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer made addition of Rs. 64,20,99,900/- u/s 56(2)(viia(ii) of the Act. 6. The assessee challenged the addition before the ld. CIT(A) and submitted that the valuation report, as per the method prescribed in the sub-clause (b) of Rule 11U(1) of the Rules wherein the fair market value was computed at negative figure Rs. 340.56. It was claimed that since the fair market value deter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... say of the ld. DR that basis this valuation report, the Assessing Officer made the impugned addition of Rs. 64.20 crores and, therefore, there is no error in the assessment and the same should be upheld. 9. Per contra, the ld. counsel for the assessee vehemently stated that the valuation report submitted to the Assessing Officer was basis for making investment and the said valuation report was no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scribed u/r 11UA(1) of the I.T. Rules. 11. No error or infirmity was pointed out by the Assessing Officer in the said valuation report. Since the valuation report is based on the method prescribed under the I.T. Rules and since the same has determined the fair market value at Minus 340.56, the Id. CIT(A) has rightly followed the same while deleting the addition, which calls for no interference. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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