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        Case ID :
        Income Tax

        Issuance of shares to existing promoters was examined under...

        Issuance of shares to promoters: DCF valuation upheld and addition under section 56(2)(viib) deleted, appeal allowed.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Issuance of shares to existing promoters was examined under section 56(2)(viib) with the central question being proper determination of fair market value (FMV). ITAT held that the assessing officer could not substitute the Discounted Cash Flow (DCF) method adopted under Rule 11UA and that the DCF valuation was based on reasonable assumptions, accordingly the premium was not excessive and the addition under section 56(2)(viib) was deleted. ITAT further held that no allegation of unaccounted funds existed so the related party infusion could not be taxed as deemed income; application of the NAV method produced an even higher FMV.
                                Note: It is a system-generated summary and is for quick reference only.
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