https://www.taxtmi.com/caselaws?id=424820 The Tribunal upheld the addition under section 56(2)(viib) of the Income Tax Act, 1961, as rounding off the fair market value of shares to the nearest multiple of hundred was not permitted. The Tribunal dismissed the appeals, emphasizing the clear and unambiguous provisions of the law and rejecting arguments based on other sections of the Act. The decision underscored the necessity of interpreting tax statutes strictly according to their explicit language and specified provisions. en-us Fri, 04 Mar 2022 00:00:00 +0530 Sat, 09 Jul 2022 08:02:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424820 The Tribunal upheld the addition under section 56(2)(viib) of the Income Tax Act, 1961, as rounding off the fair market value of shares to the nearest multiple of hundred was not permitted. The Tribunal dismissed the appeals, emphasizing the clear and unambiguous provisions of the law and rejecting arguments based on other sections of the Act. The decision underscored the necessity of interpreting tax statutes strictly according to their explicit language and specified provisions. Case-Laws Income Tax Fri, 04 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424820