https://www.taxtmi.com/caselaws?id=439240 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 24,01,57,001 under Section 56(2)(viia) of the Income Tax Act, 1961. It was held that the section did not apply as the shares were purchased at a price higher than the Fair Market Value, and there was no violation of RBI and FEMA regulations as the transaction was commercially expedient. en-us Fri, 16 Jun 2023 00:00:00 +0530 Tue, 20 Jun 2023 10:09:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439240 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 24,01,57,001 under Section 56(2)(viia) of the Income Tax Act, 1961. It was held that the section did not apply as the shares were purchased at a price higher than the Fair Market Value, and there was no violation of RBI and FEMA regulations as the transaction was commercially expedient. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439240