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The invocation of the provisions of Section 68 of the Income Tax Act, 1961 for the simple reason of non filing the valuation report by the assessee and by not referring the cost of the land to the DVO, and without bringing any material on record to fulfill the criteria of Section 68, cannot be justified in thiscase.

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Sec. 68, 2(22)(e) of Income Tax act, 1961 — Cash Credit — The Assessing Officer made addition on account of "share premium" on the grounds that the assessee has not filed the valuation report pertaining to the value of the land for which share premium @ Rs. 90 /- per share has been received. The CIT (A) deleted the addition on the grounds that the identity, creditworthiness and genuineness of the transaction has been proved by the assessee and there was no material before the revenue to assume that it was the assessee' s own money that has come back to the system in the form of share premium. ITAT while dismissing the appeal of the revenue held that:– the provisions of Section 2(22)(e) of the Act are not attracted in the case of the assessee – DEPUTY CIT Vs. INTERNATIONAL LAND & DEVELOPERS P. LTD  [2020] 79 ITR (TRIB) 441 (ITAT-DELHI)