https://www.taxtmi.com/caselaws?id=428894 The case involved a dispute over the addition of Rs. 29,56,2912/- due to a difference in share price compared to Fair Market Value. The Assessing Officer (AO) contended that the share premium was excessive, based on NAV. The CIT(A) found the AO's adjustment unjustified, emphasizing the fair market value over the circle rate. The ITAT upheld the CIT(A)'s decision, stressing the importance of considering fair market value for share premiums. The appeal by the Revenue was dismissed, affirming the deletion of the addition. The judgment underscored the necessity of adhering to legal requirements and relying on appropriate valuation reports in such cases. en-us Wed, 21 Sep 2022 00:00:00 +0530 Thu, 13 Oct 2022 08:28:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428894 The case involved a dispute over the addition of Rs. 29,56,2912/- due to a difference in share price compared to Fair Market Value. The Assessing Officer (AO) contended that the share premium was excessive, based on NAV. The CIT(A) found the AO's adjustment unjustified, emphasizing the fair market value over the circle rate. The ITAT upheld the CIT(A)'s decision, stressing the importance of considering fair market value for share premiums. The appeal by the Revenue was dismissed, affirming the deletion of the addition. The judgment underscored the necessity of adhering to legal requirements and relying on appropriate valuation reports in such cases. Case-Laws Income Tax Wed, 21 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428894