https://www.taxtmi.com/caselaws?id=444695 Addition under section 56(2)(viib) based on alleged excess share premium could not be conclusively sustained because the valuation of the assessee's land and its character as diverted industrial land had not been properly verified. The record showed insufficient examination of the factual basis for the fair market value adopted in relation to the shares issued at premium. The matter was therefore remanded for fresh adjudication, with liberty to verify the conversion claim and, if necessary, determine fair market value with reference to the District Valuation Officer. en-us Wed, 18 Oct 2023 00:00:00 +0530 Fri, 20 Oct 2023 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444695 Addition under section 56(2)(viib) based on alleged excess share premium could not be conclusively sustained because the valuation of the assessee's land and its character as diverted industrial land had not been properly verified. The record showed insufficient examination of the factual basis for the fair market value adopted in relation to the shares issued at premium. The matter was therefore remanded for fresh adjudication, with liberty to verify the conversion claim and, if necessary, determine fair market value with reference to the District Valuation Officer. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444695