https://www.taxtmi.com/caselaws?id=383378 The Tribunal upheld the addition of Rs. 2,83,68,000/- by the Assessing Officer under Section 56(2)(viib) of the Income Tax Act. The decision affirmed that the assessee's valuation method for unquoted shares was incorrect, as it did not comply with Rule 11UA(2). The Tribunal agreed with the lower authorities that the fair market value of the shares was correctly calculated at Rs. 84.24 per share, justifying the inclusion of excess consideration as taxable income. The appeal filed by the assessee was dismissed, emphasizing the need to adhere to statutory provisions and valuation rules. en-us Tue, 16 Jul 2019 00:00:00 +0530 Mon, 22 Jul 2019 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383378 The Tribunal upheld the addition of Rs. 2,83,68,000/- by the Assessing Officer under Section 56(2)(viib) of the Income Tax Act. The decision affirmed that the assessee's valuation method for unquoted shares was incorrect, as it did not comply with Rule 11UA(2). The Tribunal agreed with the lower authorities that the fair market value of the shares was correctly calculated at Rs. 84.24 per share, justifying the inclusion of excess consideration as taxable income. The appeal filed by the assessee was dismissed, emphasizing the need to adhere to statutory provisions and valuation rules. Case-Laws Income Tax Tue, 16 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383378