https://www.taxtmi.com/caselaws?id=427982 The Tribunal concluded that the Assessing Officer erred in applying Rule 11UA to value preference shares, which should have been valued under a different provision. The addition of Rs. 72,12,432 under the Income Tax Act was deemed unsustainable due to a flawed valuation method and was set aside. The appeal was allowed, and the incorrect addition was reversed, emphasizing the importance of aligning tax assessments with the correct legal provisions. en-us Thu, 15 Sep 2022 00:00:00 +0530 Wed, 21 Sep 2022 13:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427982 The Tribunal concluded that the Assessing Officer erred in applying Rule 11UA to value preference shares, which should have been valued under a different provision. The addition of Rs. 72,12,432 under the Income Tax Act was deemed unsustainable due to a flawed valuation method and was set aside. The appeal was allowed, and the incorrect addition was reversed, emphasizing the importance of aligning tax assessments with the correct legal provisions. Case-Laws Income Tax Thu, 15 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427982