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TMI Blog2024 (1) TMI 1183X X X X Extracts X X X X X X X X Extracts X X X X ..... 2015 has not been approved by the Annual General Meeting the same cannot be considered for the purpose of Rule 11UA of the Rules. The said observation of the Ld. PCIT is not supported by any of the provisions of law. On the contrary, the Rule 11UA of the Rules does not mentions the pre-condition of approval of the balance sheet by the Annual General Meeting. Therefore, the above finding of the Ld. PCIT is found to be perverse. As assessee has already produced all the details in respect of the issue of large share premium received during the year under consideration at the time of original assessment proceedings itself which has been already dealt by the A.O. and decided in favour of the Assessee CIT(A) has committed error in exercising the power conferred u/s 263 - Decided in favour of assessee. - Dr. B.R.R. Kumar, Accountant Member And Shri Yogesh Kumar U.S., Judicial Member For the Appellant : S/Sh. Mohit Choudhary, Harish Choudhary, Ms. Neetu Jain, CAs And Ms. Mitika Choudhary, Adv. For the Respondent : Ms. Sapna Bhatia, CIT-DR ORDER PER YOGESH KUMAR U.S., JM: This appeal if filed by the assessee against the order of Learned Principal Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs before the AO and it must be recorded in the note sheet of the Ld. AO. Reliance made on CIT vs. International Travel House (2010) 194 Taxmann 324 (Delhi) 5. The pre-requisite of Section 56(2)(viib) of the Act not fulfilled 5.1 On the facts and circumstances of the case in law, the HON'BLE PCIT erred in applying the provisions of section 56(2)(viib) of the Act without providing an opportunity to the Appellant to substantiate its claim regarding the Fair Market Value (FMV) of the share as per Explanation to Section 56(25)(viib) of the Act. 5.2 On the facts and circumstances of the case in law, the Hon'ble PCIT grossly erred in applying the provisions of section 56(2)(vib) of the Act without appreciating the basic intention of the legislature while introducing Section 56(2)(viib) of the Act. 5.3 On the facts and circumstances of the case in law, the Hon'ble PCIT grossly erred in not appreciating that the requisite conditions as per the provisions of section 56(2)(viib) have not been satisfied in the case of the Appellant 5.4 Notwithstanding the above, on the facts and circumstances of the case in law, the Hon'ble PCIT grossly erred i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment order is cryptic and non-speaking. The order u/s 263 of the Act came to be passed on 30/03/2021, wherein the Ld. PCIT cancelled the assessment order passed u/s 143(3) of the Act dated 18/12/2017 and directed to make fresh assessment as per the provisions of the Act. Aggrieved by the order of the Ld. PCIT dated 30/03/2021, the present Appeal has been preferred by the assessee on the Grounds mentioned above. 5. The Ld. Counsel for the assessee submitted that the order of the PCIT passed u/s 263 of the Act to extent prejudicial to the appellant, is perverse, erroneous and bad in law and the same has been passed without proper evolution of documentary evidence available on record and the same is illegal and against to principle of natural justice. Further submitted that the Ld. PCIT has not provided proper opportunity to the assessee. The Ld. Counsel has taken us through the documents produced along with the paper book and sought for allowing the Appeal. 6. Per contra, the Ld. Departmental Representative vehemently submitted that though the case of the assessee was initially selected for limited scrutiny to verify the large share premium received during the year , the A.O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aman Kishore Add: Villa 7, Block II, Charmwood Vilalge, Suraj Kund Road, Faridabad- 121009 PAN AOQPK6153E 1,91,665 19,16,650 2,10,83,150 2,29,99,800 1,91,665 19,16,650 2,10,83,150 2,29,99,800 Copies of share allotment related paeprs as filed with the Registrar of Companies, along with relevant challans already submitted in earlier hearing). Further documents as relating to raising of share capital money and in support of creditworthiness of the share applicant Mr Aman Kishore enclosed as Annexure-2 as under: i. Ledger a/c of Share Application - Aman Kishore as standing in books of account of the assessee company for FY 2014-15; ii. Copy of relevant extracts of the Bank statement of Mr Aman Kishore from which share capital moneys inducted into M/s Vaaan Infra Pvt Ltd during the year' iii. Copies of ITR ack alongwith Tax Computation of Mr Aman Kishore for last 3 AYs ended AY 2015-16. After making the detailed enquiry the Ld. A.O. made no additions in so far as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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