https://www.taxtmi.com/caselaws?id=444835 ITAT Raipur held that both AO and assessee incorrectly determined valuation dates for unquoted equity shares under Section 56(2)(viib). AO valued shares at Rs. 91/- per share on 31.03.2012 while assessee valued at Rs. 144/- per share on 29.03.2013. Tribunal found both dates wrong as FMV should be determined on actual consideration receipt date per Rule 11UA. Matter restored to AO for fresh determination using correct valuation date, considering Rule 11UA amendments effective 29.11.2012. Regarding interest on FDRs, Tribunal accepted assessee's contention that pre-commencement interest income constituted capital receipt to be set off against pre-operative expenses, vacating AO's addition treating it as income from other sources. en-us Wed, 18 Oct 2023 00:00:00 +0530 Mon, 23 Oct 2023 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444835 ITAT Raipur held that both AO and assessee incorrectly determined valuation dates for unquoted equity shares under Section 56(2)(viib). AO valued shares at Rs. 91/- per share on 31.03.2012 while assessee valued at Rs. 144/- per share on 29.03.2013. Tribunal found both dates wrong as FMV should be determined on actual consideration receipt date per Rule 11UA. Matter restored to AO for fresh determination using correct valuation date, considering Rule 11UA amendments effective 29.11.2012. Regarding interest on FDRs, Tribunal accepted assessee's contention that pre-commencement interest income constituted capital receipt to be set off against pre-operative expenses, vacating AO's addition treating it as income from other sources. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444835