https://www.taxtmi.com/caselaws?id=444974 The ITAT Indore upheld an addition under section 56(2)(viib) for the difference between issue price and fair market value of shares. The assessee argued for rounding off share prices, but the tribunal rejected this, noting no court precedent supported rounding off in such matters. The revenue cited ITAT decisions prohibiting even one rupee rounding off. The tribunal agreed that allowing rounding off could lead to significant tax losses in larger share issues. Since the assessee had accepted the fair market value at Rs. 19.23 per share in their own valuation certificate, the addition was justified and upheld. en-us Wed, 25 Oct 2023 00:00:00 +0530 Fri, 27 Oct 2023 09:46:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444974 The ITAT Indore upheld an addition under section 56(2)(viib) for the difference between issue price and fair market value of shares. The assessee argued for rounding off share prices, but the tribunal rejected this, noting no court precedent supported rounding off in such matters. The revenue cited ITAT decisions prohibiting even one rupee rounding off. The tribunal agreed that allowing rounding off could lead to significant tax losses in larger share issues. Since the assessee had accepted the fair market value at Rs. 19.23 per share in their own valuation certificate, the addition was justified and upheld. Case-Laws Income Tax Wed, 25 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444974