https://www.taxtmi.com/caselaws?id=303213 The Appellate Tribunal partially allowed the appeal by directing the Assessing Officer to recompute the addition under section 56(2)(viib) of the Income Tax Act based on the correct valuation of unquoted equity shares at Rs. 98.61 per share. The Tribunal emphasized adherence to statutory provisions and rejected rounding off the valuation to the next rupee, underscoring the necessity of precise valuation methods in tax assessments. This decision demonstrated a balanced approach between statutory requirements and legal interpretations, ensuring accurate calculation of taxable income. en-us Fri, 07 Jun 2019 00:00:00 +0530 Fri, 08 Jul 2022 19:19:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303213 The Appellate Tribunal partially allowed the appeal by directing the Assessing Officer to recompute the addition under section 56(2)(viib) of the Income Tax Act based on the correct valuation of unquoted equity shares at Rs. 98.61 per share. The Tribunal emphasized adherence to statutory provisions and rejected rounding off the valuation to the next rupee, underscoring the necessity of precise valuation methods in tax assessments. This decision demonstrated a balanced approach between statutory requirements and legal interpretations, ensuring accurate calculation of taxable income. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303213