https://www.taxtmi.com/caselaws?id=443172 The Tribunal upheld the CIT(A)'s decision, dismissing the appellant's appeal regarding the assessment for the year 2011-12 under the Income Tax Act, 1961. The case involved the purchase of shares at a value lower than the fair market value, leading to the imposition of additional tax under sec. 56(2)(vii) due to suspected conversion of unaccounted money into legitimate assets. Despite the appellant disputing the timing of share purchases, the Tribunal agreed with the lower authorities that the transactions were a means of introducing unaccounted funds, affirming the tax liability. en-us Tue, 22 Aug 2023 00:00:00 +0530 Mon, 18 Sep 2023 10:51:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443172 The Tribunal upheld the CIT(A)'s decision, dismissing the appellant's appeal regarding the assessment for the year 2011-12 under the Income Tax Act, 1961. The case involved the purchase of shares at a value lower than the fair market value, leading to the imposition of additional tax under sec. 56(2)(vii) due to suspected conversion of unaccounted money into legitimate assets. Despite the appellant disputing the timing of share purchases, the Tribunal agreed with the lower authorities that the transactions were a means of introducing unaccounted funds, affirming the tax liability. Case-Laws Income Tax Tue, 22 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443172