ITAT Chennai deletes ₹832 Cr addition u/s 56(2)(x) on Share Purchases

DCIT Vs Aathmika Holdings Pvt. Ltd. (ITAT Chennai)

Rule 11UA prevails over third-party price – ITAT Chennai deletes ₹832 Cr addition u/s 56(2)(x) on Share Purchases

Chennai ITAT dismissed Revenue’s appeal & upheld CIT(A)’s deletion of huge addition of ₹832.05 crore made u/s 56(2)(x) in respect of purchase of shares of IG3 Infra Ltd & ETL Power Services Ltd.

Assessee, an investment holding company, acquired 5.92 crore IG3 shares @ ₹12.43 and 18.43 crore ETL shares @ ₹14.30 from Green Grid Group Pte Ltd (Singapore). AO, relying on TPO’s benchmark

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