https://www.taxtmi.com/caselaws?id=418132 The Tribunal overturned the Principal Commissioner of Income Tax's order under section 263, ruling that the assessment order under section 143(3) was not erroneous or prejudicial to revenue. The Tribunal found the valuation certificate used by the assessee for determining fair market value of shares to be valid, as it was based on relevant data. Additionally, the Tribunal upheld the Assessing Officer's application of Section 56(2)(viib) to the share premium received by the assessee, as the FMV of shares was deemed correctly determined. The Tribunal concluded that the AO's inquiry during assessment proceedings was adequate, leading to the appeal being allowed in favor of the assessee. en-us Mon, 24 Jan 2022 00:00:00 +0530 Wed, 09 Feb 2022 05:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418132 The Tribunal overturned the Principal Commissioner of Income Tax's order under section 263, ruling that the assessment order under section 143(3) was not erroneous or prejudicial to revenue. The Tribunal found the valuation certificate used by the assessee for determining fair market value of shares to be valid, as it was based on relevant data. Additionally, the Tribunal upheld the Assessing Officer's application of Section 56(2)(viib) to the share premium received by the assessee, as the FMV of shares was deemed correctly determined. The Tribunal concluded that the AO's inquiry during assessment proceedings was adequate, leading to the appeal being allowed in favor of the assessee. Case-Laws Income Tax Mon, 24 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418132