https://www.taxtmi.com/caselaws?id=359939 The Tribunal dismissed the AO's appeal, upholding the CIT(A)'s decisions. It confirmed the assessee's right to choose the valuation method for shares and that routine business expenses essential for maintaining the corporate entity should not be disallowed, even if no profit was earned. The addition of Rs. 4.99 crores on account of excess share premium under Section 56 of the Income Tax Act and the disallowance of Rs. 2.44 lakhs in business expenses were both deemed unjustified by the Tribunal. en-us Wed, 02 May 2018 00:00:00 +0530 Sun, 06 May 2018 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359939 The Tribunal dismissed the AO's appeal, upholding the CIT(A)'s decisions. It confirmed the assessee's right to choose the valuation method for shares and that routine business expenses essential for maintaining the corporate entity should not be disallowed, even if no profit was earned. The addition of Rs. 4.99 crores on account of excess share premium under Section 56 of the Income Tax Act and the disallowance of Rs. 2.44 lakhs in business expenses were both deemed unjustified by the Tribunal. Case-Laws Income Tax Wed, 02 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359939