https://www.taxtmi.com/caselaws?id=403683 The Tribunal ruled in favor of the assessee, directing the AO to delete the additions made towards the share premium under Section 56(2)(viib) of the Income Tax Act, 1961. The Tribunal found the valuation method chosen by the assessee to be valid and supported by substantial evidence. It emphasized the admissibility of the valuation reports submitted, which substantiated the fair market value of the shares. The Tribunal concluded that both the AO and CIT(A) erred in rejecting the valuation reports, ultimately allowing the appeal in favor of the assessee. en-us Mon, 01 Feb 2021 00:00:00 +0530 Fri, 05 Feb 2021 07:10:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403683 The Tribunal ruled in favor of the assessee, directing the AO to delete the additions made towards the share premium under Section 56(2)(viib) of the Income Tax Act, 1961. The Tribunal found the valuation method chosen by the assessee to be valid and supported by substantial evidence. It emphasized the admissibility of the valuation reports submitted, which substantiated the fair market value of the shares. The Tribunal concluded that both the AO and CIT(A) erred in rejecting the valuation reports, ultimately allowing the appeal in favor of the assessee. Case-Laws Income Tax Mon, 01 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403683