Revision u/s 263 rightly invoked as AO failed to inquire valuation of shares vis-à-vis provisions of section 56(2)(viib)

SIS Prosegur Holdings Pvt. Ltd Vs PCIT (ITAT Kolkata)

ITAT Kolkata held that AO failed to make required enquiries to go into the question of valuation of shares given by the accountant for the purpose of assessment of income as per provisions of section 56(2)(viib). Accordingly, revisionary power under section 263 rightly invoked.

Facts- The ld. PCIT while examining assessment records found that the assessee during the year had issued 900000 equity shares of Rs. 10/- at a premium of Rs.90/- per share

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