https://www.taxtmi.com/caselaws?id=396581 The Tribunal directed the Assessing Officer to re-examine the issue of the applicability of section 56(2)(viib) of the Income Tax Act to shares issued to a non-resident and ascertain the individual's residential status for tax implications. Concrete evidence was emphasized to establish residency status. The Tribunal stressed compliance with the Discounted Cash Flow Method in valuation reports and referenced judicial precedents to support the chosen valuation method. The appeal was allowed for statistical purposes, remanding the matter for a fresh decision based on the individual's residential status and adherence to valuation methods. en-us Thu, 09 Jul 2020 00:00:00 +0530 Sat, 11 Jul 2020 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396581 The Tribunal directed the Assessing Officer to re-examine the issue of the applicability of section 56(2)(viib) of the Income Tax Act to shares issued to a non-resident and ascertain the individual's residential status for tax implications. Concrete evidence was emphasized to establish residency status. The Tribunal stressed compliance with the Discounted Cash Flow Method in valuation reports and referenced judicial precedents to support the chosen valuation method. The appeal was allowed for statistical purposes, remanding the matter for a fresh decision based on the individual's residential status and adherence to valuation methods. Case-Laws Income Tax Thu, 09 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396581