https://www.taxtmi.com/caselaws?id=356272 The Tribunal held that Redeemable Non-Cumulative Preference Shares (RNCPS) fall within the scope of Section 56(2)(viib) of the Income Tax Act, rejecting the argument that RNCPS should be excluded. The Tribunal upheld the valuation report's scrutiny by the Assessing Officer (AO) and determined the fair market value of RNCPS at Rs. 2,000 per share, vacating the previous valuation. The Tribunal allowed the assessee's appeal in part, deleting the addition under Section 56(2)(viib) and remanding the disallowance issue under Section 14A to the AO for fresh consideration. en-us Thu, 30 Nov 2017 00:00:00 +0530 Wed, 28 Feb 2018 09:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356272 The Tribunal held that Redeemable Non-Cumulative Preference Shares (RNCPS) fall within the scope of Section 56(2)(viib) of the Income Tax Act, rejecting the argument that RNCPS should be excluded. The Tribunal upheld the valuation report's scrutiny by the Assessing Officer (AO) and determined the fair market value of RNCPS at Rs. 2,000 per share, vacating the previous valuation. The Tribunal allowed the assessee's appeal in part, deleting the addition under Section 56(2)(viib) and remanding the disallowance issue under Section 14A to the AO for fresh consideration. Case-Laws Income Tax Thu, 30 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356272