₹14.25 Cr Share Premium Addition Restored as CIT(A) Order Set Aside for Unsubstantiated DCF Valuation: ITAT Delhi

ITO Vs Quetzal Exim Pvt. Ltd. (ITAT Delhi) The Income Tax Appellate Tribunal, Delhi allowed the Revenue’s appeal and restored the addition of ₹14.25 crore made under Section 56(2)(viib) of the Income Tax Act, 1961, holding that the order of the Commissioner of Income Tax (Appeals) was unjust and unfair. The assessee company had filed its return for Assessment Year 2016–17 declaring a nominal income. The case was selected for limited scrutiny to verify investments and the source and taxability of share premium received. During assessment proceedings, the Assessing Officer found that the a...