https://www.taxtmi.com/caselaws?id=416518 The Tribunal upheld the addition of Rs. 20,00,000 to the total income of the assessee company under section 56(2)(viib) of the Income Tax Act, 1961. The dispute centered on the valuation of shares based on the balance sheet as of 31/03/2013, the date closest to the share allotment date of 15/07/2013. The Tribunal ruled that the valuation should be determined using the balance sheet immediately preceding the transfer or allotment date, in accordance with Rule 11UA and Rule 11U. The appeal challenging the addition was dismissed, affirming the importance of using the closest balance sheet for fair market value calculations. en-us Wed, 15 Dec 2021 00:00:00 +0530 Fri, 31 Dec 2021 08:53:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416518 The Tribunal upheld the addition of Rs. 20,00,000 to the total income of the assessee company under section 56(2)(viib) of the Income Tax Act, 1961. The dispute centered on the valuation of shares based on the balance sheet as of 31/03/2013, the date closest to the share allotment date of 15/07/2013. The Tribunal ruled that the valuation should be determined using the balance sheet immediately preceding the transfer or allotment date, in accordance with Rule 11UA and Rule 11U. The appeal challenging the addition was dismissed, affirming the importance of using the closest balance sheet for fair market value calculations. Case-Laws Income Tax Wed, 15 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416518