https://www.taxtmi.com/caselaws?id=432922 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition made by the AO under section 56(2) (viib) of the Income Tax Act. The ITAT found that the AO's valuation method based on book value was not in accordance with the law, emphasizing the importance of proper valuation methods and adherence to prescribed procedures to determine the fair market value of shares. en-us Mon, 16 Jan 2023 00:00:00 +0530 Wed, 01 Feb 2023 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432922 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition made by the AO under section 56(2) (viib) of the Income Tax Act. The ITAT found that the AO's valuation method based on book value was not in accordance with the law, emphasizing the importance of proper valuation methods and adherence to prescribed procedures to determine the fair market value of shares. Case-Laws Income Tax Mon, 16 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432922