https://www.taxtmi.com/caselaws?id=432860 The Tribunal dismissed the appeal, upholding the addition made by the Assessing Officer under section 56(2)(viib) of the Income-tax Act, 1961. The dispute arose from the variance in valuation of shares issued by the appellant company, which failed to provide an audited balance sheet for the valuation date as required by Rule 11UA of the IT Rules. The Tribunal stressed the necessity of complying with statutory provisions in valuing shares, particularly for closely held companies, and concluded that the assessee did not meet the burden of proof in demonstrating proper valuation, leading to the rejection of the appeal. en-us Thu, 05 Jan 2023 00:00:00 +0530 Mon, 16 Jan 2023 08:41:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432860 The Tribunal dismissed the appeal, upholding the addition made by the Assessing Officer under section 56(2)(viib) of the Income-tax Act, 1961. The dispute arose from the variance in valuation of shares issued by the appellant company, which failed to provide an audited balance sheet for the valuation date as required by Rule 11UA of the IT Rules. The Tribunal stressed the necessity of complying with statutory provisions in valuing shares, particularly for closely held companies, and concluded that the assessee did not meet the burden of proof in demonstrating proper valuation, leading to the rejection of the appeal. Case-Laws Income Tax Thu, 05 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432860