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)
24,54,763/- and the net assets were Rs.
1,35,30,903/-. Before fresh allotment of shares the number of shares held by the company was 20,000 shares. Thus, FMV of shares worked out to Rs. 676.55 per share. The company on 05/04/2013, had issued 38,30,560 shares to the assessee and others, if the value