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INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH)
SHRI GS PANNU, VP, SHRI ANUBHAV SHARMA, JM
Revenue – Appellant
Versus
Assessee – Respondent
| Table of Content |
|---|
| 1. challenge to issuance of preference shares. (Para 2 , 3) |
| 2. evidentiary burden on tax authorities. (Para 4 , 6 , 11) |
| 3. valuation standards must be upheld. (Para 5 , 7) |
| 4. expert valuations cannot be altered. (Para 8 , 9 , 10) |
| 5. final decision on appeal outcomes. (Para 12) |
RDER
PER ANUBHAV SHARMA, JM
This appeal has been preferred by the Revenue against the order dated 08.07.2021 of Commissioner of Income Tax (Appeals)- 27, New Delhi [hereinafter referred to as ‘Ld. CIT(A)’] in Appeal No. 118/19-20/1239 arising out of an appeal before it against the order dated 27.11.2019 passed u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred as ‘the Act’) by the ACIT, Central Circle-20, Delhi (hereinafter referred as the Ld. AO) for Assessment Year 2017-18.
2. The case of assessee was selected for limited scrutiny assessment, and the issue of shares premium received by way of issue of 1513040 shares to Enlightened Consultancy Services Private Limited @ Rs. 20 per shares, including share premium of 10 per shares, was examined. The assessee had claimed that the shares were issued against the unsecured loans received in preceding years from M/s Enlightned Consultancy Servic
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