https://www.taxtmi.com/caselaws?id=427751 The ITAT Delhi upheld the CIT(A)'s decision to add Rs. 1,81,91,344 under section 56(2)(viia) of the Income Tax Act. The appeal challenging the addition based on the fair market value of shares received was dismissed, with the court emphasizing the correct application of Rule 11UA in determining the value. The argument that section 56(2)(viib) should apply instead was rejected, and previous cases cited were deemed not directly relevant. Ultimately, the ITAT Delhi found no grounds to interfere with the CIT(A)'s decision, confirming the addition. en-us Thu, 01 Sep 2022 00:00:00 +0530 Fri, 16 Sep 2022 08:13:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427751 The ITAT Delhi upheld the CIT(A)'s decision to add Rs. 1,81,91,344 under section 56(2)(viia) of the Income Tax Act. The appeal challenging the addition based on the fair market value of shares received was dismissed, with the court emphasizing the correct application of Rule 11UA in determining the value. The argument that section 56(2)(viib) should apply instead was rejected, and previous cases cited were deemed not directly relevant. Ultimately, the ITAT Delhi found no grounds to interfere with the CIT(A)'s decision, confirming the addition. Case-Laws Income Tax Thu, 01 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427751