https://www.taxtmi.com/caselaws?id=439890 The Appellate Tribunal upheld the decision of the CIT(A) to delete the addition under section 56(2)(viia)(ii) of the Income Tax Act, 1961, amounting to Rs. 64,20,99,900. The deletion was based on the valuation report aligning with IT Rules, which determined the fair market value as negative. The Tribunal dismissed the Revenue's appeal, emphasizing that the Assessing Officer did not address the fair market value determination in accordance with the IT Rules in the remand report. en-us Mon, 12 Jun 2023 00:00:00 +0530 Tue, 04 Jul 2023 22:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439890 The Appellate Tribunal upheld the decision of the CIT(A) to delete the addition under section 56(2)(viia)(ii) of the Income Tax Act, 1961, amounting to Rs. 64,20,99,900. The deletion was based on the valuation report aligning with IT Rules, which determined the fair market value as negative. The Tribunal dismissed the Revenue's appeal, emphasizing that the Assessing Officer did not address the fair market value determination in accordance with the IT Rules in the remand report. Case-Laws Income Tax Mon, 12 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439890