9911796707
TMI Blog2022 (5) TMI 1575X X X X Extracts X X X X X X X X Extracts X X X X ..... ent u/s 143(3) was completed on 26th November 2016 after accepting loss shown in the returns. During the assessment proceedings, by a notice issued u/s 142(1) petitioner was called upon by respondent no. 1 to provide valuation report, bank statements and ITR of M/s. Kesar Motels Pvt. Ltd. for share premium received. This was provided by petitioner vide its Chartered Accountant s letter dated 8th November 2016. Petitioner had also provided copy of ITR, valuation certificate and other details. After considering all these points, an assessment order dated 29th November 2016 came to be passed. This is a case of reopening after expiry of four years from the end of the relevant assessment year. Respondent had to show that there was failure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10/- each as on 31st March 2013. The assessee has issued 62,380 shares to M/s. Kesar Motels Pvt. Ltd. (a related party) and others in F.Y. 2013-2014 at a premium of Rs. 1,005/- per share. The assessee has followed Discounted Cash Flow method (DCF) and valued the shares at Rs. 1,015/- per share as per valuation report relied upon to justify the share premium. The Assessing Officer feels that the assessee could have charged premium of only Rs. 249.70 per share and, therefore, has charged excess premium of Rs. 765.30. Accordingly, a sum of Rs. 4,77,39,414/- has escaped assessment. 3. Admittedly notice has been issued after the expiry of four years from the end of relevant assessment year. The proviso to Section 147 of the Act will, therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fair market value considering Rule 11UA of the Income Tax Rules. 6. Admittedly, as stated earlier, this is a case of reopening after expiry of four years from the end of the relevant assessment year. Respondent had to show that there was failure to truly and fully disclose material facts. Not only petitioner has disclosed but respondent has also raised queries during the course of assessment proceedings and has passed an assessment order under Section 143(3) of the Act. 7. On the issue of the assessment order being silent, it is settled law that once a query is raised during the assessment proceedings and the assessee has replied to it, it follows that the query raised was a subject of consideration of the Assessing Officer while com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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