ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1),, VISAKHAPATNAM vs. SRI Y VENKANA CHOUDARY,, VISAKHAPATNAM
In the result, appeal filed by the Revenue as well as the cross objection filed by the assessee are partly allowed
ITA 272/VIZ/2018[2014-2015]Status: DisposedITAT Visakhapatnam26 Sept 2019AY 2014-2015
Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleacit, Circle-4(1), Vs. Y. Venkanna Choudary, Visakhapatnam. D.No. 1-1-2, C/O Anuradha Auto Centre, Sheela Nagar, Nh-5, Visakhapatnam. Pan No. Aanpy 3003 G (Appellant) (Respondent) C.O.No. 108/Viz/2019 (Arising Out Of Ita No. 272/Viz/2018) (Asst. Year : 2014-15) Y. Venkanna Choudary, Vs. Acit, Circle-4(1), D.No. 1-1-2, C/O Anuradha Visakhapatnam. Auto Centre, Sheela Nagar, Nh-5, Visakhapatnam. Pan No. Aanpy 3003 G (Appellant) (Respondent)
For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri D.K. Sonawal – CIT DR
Section 56(2)(vii)
E
No. of shares allotted to Y.V.
Choudary
4,25,000
F
Fair Value of the shares:
5,39,64,483 * 42,50,000
4,06,67,600
= 56,39,600
i.e. 13.26 per share
Thus, the ld.AR argued that for arriving the value of fresh allotment of shares, FMV required to be worked out as on the date
