https://www.taxtmi.com/caselaws?id=305942 The Tribunal allowed the appeal of the assessee, ruling in favor of the appellant regarding the determination of the Fair Market Value of shares based on the balance sheet drawn on the date of allotment. The Tribunal held that the balance sheet drawn on the date of valuation, even if audited subsequently, should be accepted for determining the FMV of shares, rejecting the Department's argument to consider the audited balance sheet available on the date of allotment. en-us Thu, 20 Jan 2022 00:00:00 +0530 Sat, 31 Dec 2022 08:43:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305942 The Tribunal allowed the appeal of the assessee, ruling in favor of the appellant regarding the determination of the Fair Market Value of shares based on the balance sheet drawn on the date of allotment. The Tribunal held that the balance sheet drawn on the date of valuation, even if audited subsequently, should be accepted for determining the FMV of shares, rejecting the Department's argument to consider the audited balance sheet available on the date of allotment. Case-Laws Income Tax Thu, 20 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305942