https://www.taxtmi.com/caselaws?id=385785 The Tribunal ruled in favor of the assessee, a private limited company, in a tax dispute concerning the fair market value (FMV) of shares issued. The Tribunal held that the Assessing Officer and Commissioner of Income Tax (Appeals) erred in rejecting the assessee's valuation based on the intrinsic value of land parcels. It was determined that the premium charged on shares was justified by the market value of the land, leading to the deletion of the addition made under Section 56(2)(viib) of the Income Tax Act. The appeal filed by the assessee was allowed by the Tribunal. en-us Wed, 11 Sep 2019 00:00:00 +0530 Fri, 13 Sep 2019 06:00:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385785 The Tribunal ruled in favor of the assessee, a private limited company, in a tax dispute concerning the fair market value (FMV) of shares issued. The Tribunal held that the Assessing Officer and Commissioner of Income Tax (Appeals) erred in rejecting the assessee's valuation based on the intrinsic value of land parcels. It was determined that the premium charged on shares was justified by the market value of the land, leading to the deletion of the addition made under Section 56(2)(viib) of the Income Tax Act. The appeal filed by the assessee was allowed by the Tribunal. Case-Laws Income Tax Wed, 11 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385785