https://www.taxtmi.com/caselaws?id=431555 The Tribunal dismissed the Revenue's appeal, affirming the assessee's use of the merchant banker's valuation for determining the Fair Market Value (FMV) of shares for tax deduction purposes under an Employee Stock Option Plan (ESOP). The Tribunal upheld the CIT(A)'s decision, emphasizing compliance with Rule 3(8) requiring a merchant banker's valuation for unlisted companies. The Revenue's argument based on market transaction value was rejected, and the CIT(A)'s order deleting the tax liability was upheld. en-us Fri, 16 Sep 2022 00:00:00 +0530 Fri, 16 Dec 2022 09:40:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431555 The Tribunal dismissed the Revenue's appeal, affirming the assessee's use of the merchant banker's valuation for determining the Fair Market Value (FMV) of shares for tax deduction purposes under an Employee Stock Option Plan (ESOP). The Tribunal upheld the CIT(A)'s decision, emphasizing compliance with Rule 3(8) requiring a merchant banker's valuation for unlisted companies. The Revenue's argument based on market transaction value was rejected, and the CIT(A)'s order deleting the tax liability was upheld. Case-Laws Income Tax Fri, 16 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431555