https://www.taxtmi.com/caselaws?id=399954 The Tribunal set aside the orders of the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) (CIT (A)), deleting the addition made under section 56(2)(viib) of the Income Tax Act, 1961. The Tribunal emphasized the importance of adopting the highest valuation method as per legislative intent and the assessee's choice, highlighting the fair market value determination based on Rule 11UA or the company's assets. The Tribunal criticized the CIT (A) for not functioning as an independent appellate authority and failing to acknowledge the fair market value based on the Net Assets Value method. en-us Fri, 09 Oct 2020 00:00:00 +0530 Fri, 23 Oct 2020 15:43:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399954 The Tribunal set aside the orders of the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) (CIT (A)), deleting the addition made under section 56(2)(viib) of the Income Tax Act, 1961. The Tribunal emphasized the importance of adopting the highest valuation method as per legislative intent and the assessee's choice, highlighting the fair market value determination based on Rule 11UA or the company's assets. The Tribunal criticized the CIT (A) for not functioning as an independent appellate authority and failing to acknowledge the fair market value based on the Net Assets Value method. Case-Laws Income Tax Fri, 09 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399954