https://www.taxtmi.com/caselaws?id=308161 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the addition of Rs. 41,70,000 under section 56(2)(viib) for the assessment year 2016-17. The Tribunal found that the transaction between a holding company and its wholly owned subsidiary did not warrant the application of the anti-abuse provision to prevent tax avoidance. Additionally, the Tribunal accepted the valuation of shares based on the Net Asset Value method using the value of land owned by the assessee, rejecting the Assessing Officer's and Commissioner (Appeals)'s approach. en-us Wed, 02 Nov 2022 00:00:00 +0530 Sun, 04 Jun 2023 19:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308161 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the addition of Rs. 41,70,000 under section 56(2)(viib) for the assessment year 2016-17. The Tribunal found that the transaction between a holding company and its wholly owned subsidiary did not warrant the application of the anti-abuse provision to prevent tax avoidance. Additionally, the Tribunal accepted the valuation of shares based on the Net Asset Value method using the value of land owned by the assessee, rejecting the Assessing Officer's and Commissioner (Appeals)'s approach. Case-Laws Income Tax Wed, 02 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308161