https://www.taxtmi.com/caselaws?id=432786 Section 56(2)(viib) applied to share premium received on issue of shares where the assessee's higher valuations were not substantiated. The lower appellate authority accepted only the book value-based valuation at Rs.95.18 per share and rejected the discounted cash flow valuation because it depended on projected profits without a solid basis, while the land component in the higher book value valuation at Rs.122.64 per share was indexed contrary to the prescribed method. As no material was produced to dislodge those findings, the addition under section 56(2)(viib) was sustained and the assessee's challenge failed. en-us Wed, 11 Jan 2023 00:00:00 +0530 Tue, 18 Apr 2023 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432786 Section 56(2)(viib) applied to share premium received on issue of shares where the assessee's higher valuations were not substantiated. The lower appellate authority accepted only the book value-based valuation at Rs.95.18 per share and rejected the discounted cash flow valuation because it depended on projected profits without a solid basis, while the land component in the higher book value valuation at Rs.122.64 per share was indexed contrary to the prescribed method. As no material was produced to dislodge those findings, the addition under section 56(2)(viib) was sustained and the assessee's challenge failed. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432786