https://www.taxtmi.com/caselaws?id=443132 The appeal filed by the Assessee was dismissed. The authorities' additions under Section 56(2)(viia) for share valuation and as unexplained investments due to fictitious sundry debtors were upheld. The Tribunal found no error in the decisions of the AO and CIT(A) regarding the valuation methods and the determination of fictitious transactions. The Assessee's argument on the expansion of limited scrutiny without prior approval was also dismissed. The Tribunal concluded that the Assessee failed to provide reliable valuations and evidence to counter the additions made by the tax authorities. en-us Thu, 14 Sep 2023 00:00:00 +0530 Sat, 16 Sep 2023 08:48:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443132 The appeal filed by the Assessee was dismissed. The authorities' additions under Section 56(2)(viia) for share valuation and as unexplained investments due to fictitious sundry debtors were upheld. The Tribunal found no error in the decisions of the AO and CIT(A) regarding the valuation methods and the determination of fictitious transactions. The Assessee's argument on the expansion of limited scrutiny without prior approval was also dismissed. The Tribunal concluded that the Assessee failed to provide reliable valuations and evidence to counter the additions made by the tax authorities. Case-Laws Income Tax Thu, 14 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443132