Case Number: ITA 96/DEL/2021
Appellant: Movefast Tour & Travels Pvt. Ltd, Faridabad
Respondent: ITO Ward-1(5), Faridabad
Assessment Year: 2016-17
Date of Filing: 2021-02-09
Order Type: Final Tribunal Order
Date of Order: 2023-06-20
Pronounced on: 2023-06-20
The case involves an appeal by Movefast Tour & Travels Pvt. Ltd against the order passed by the CIT(A) for the assessment year 2016-17. The appeal challenges significant additions made under Section 68 concerning alleged unexplained share premium and capital, and under Section 56(2)(viib) for allegedly overvalued share premiums.
The tribunal examined several crucial points:
The tribunal’s decision allowed the appeal in part, particularly concerning the additions under Section 68 and the income enhancement under Section 56(2)(viib). This case highlights the importance of proper documentation and adherence to prescribed valuation methods in justifying share premiums and capital contributions.
“Order pronounced in the open court on 20th June, 2023.”
Signed by:
DR. B. R. R. KUMAR
Accountant Member
YOGESH KUMAR U.S.
Judicial Member
Date: 20/06/2023
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