https://www.taxtmi.com/caselaws?id=443540 The Tribunal determined that Section 56(2)(vii)(c) of the Income-tax Act, 1961, is not applicable to the proportionate allocation of rights shares or to shares received from relatives, as these do not constitute disproportionate allocations. However, the section applies to shares received from third-party renunciations, leading to a disproportionate allocation. The Tribunal also upheld the valuation of shares at Rs. 205.55 per share, as determined by the CIT(A), based on the book value and additional consideration. No substantial question of law was found, resulting in the dismissal of the appeals. en-us Mon, 28 Aug 2023 00:00:00 +0530 Thu, 28 May 2026 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443540 The Tribunal determined that Section 56(2)(vii)(c) of the Income-tax Act, 1961, is not applicable to the proportionate allocation of rights shares or to shares received from relatives, as these do not constitute disproportionate allocations. However, the section applies to shares received from third-party renunciations, leading to a disproportionate allocation. The Tribunal also upheld the valuation of shares at Rs. 205.55 per share, as determined by the CIT(A), based on the book value and additional consideration. No substantial question of law was found, resulting in the dismissal of the appeals. Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443540