MOVEFAST TOUR & TRAVELS PVT. LTD,FARIDABAD vs. ITO WARD-1(5), FARIDABAD

ITA 96/DEL/2021Status: DisposedITAT Delhi20 June 2023AY 2016-1723 pages
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What did the Tribunal hold?

The Tribunal held that the CIT(A) erred in rejecting the valuation report submitted as per Rule 11UA(2)(b) and enhancing the income. The Tribunal allowed the appeal on this ground, deleting the enhancement.

What were the facts?

The assessee company received share capital and premium, which the Assessing Officer treated as unexplained and added to the income. The CIT(A) confirmed the addition and also enhanced the income under Section 56(2)(viib) by rejecting the assessee's valuation report.

What were the issues?

Whether the addition under Section 68 for unexplained share premium is justified and whether the CIT(A) can reject a valuation report obtained as per prescribed rules.

Which sections of the Income-tax Act were involved?

Section 68,Section 56(2)(viib),Section 251(1),Section 271(1)(c)

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Income Tax Appellate Tribunal, [DELHI BENCH: ‘E’ NEW DELHI]

Before: DR. B. R. R. KUMAR & SHRI YOGESH KUMAR U.S.

For Appellant: Adv &
Hearing: 05.06.2023Pronounced: 20.06.2023

PER YOGESH KUMAR U.S., JM This appeal is filed by the assessee against the order dated 23/03/2020

passed by the CIT (A)-Faridabad, (hereinafter referred to ‘CIT(A)’ for assessment

year 2016-17. There is a delay of 23 days for filing the present Appeal, the assessee filed an application for condoning the delay filed an affidavit for condoning the delay since the Counsel of the Assessee was occupied with tax

audit work therefore, the appeal could not be filed on time. Considering the days of delay involved in filing the appeal and for the reason

The order continues below.

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