https://www.taxtmi.com/caselaws?id=446726 ITAT Rajkot dismissed the assessee's appeal challenging addition u/s 56(2)(viib) for shares issued at premium exceeding fair market value. The tribunal upheld rejection of the assessee's valuation report where land was valued at Rs. 87,62,200 against purchase price of Rs. 8,74,460 without proper basis. CIT(A)'s finding that the valuer provided no justification for 10-fold valuation increase was accepted. The tribunal confirmed that entire consideration received, including face value and premium, falls within section 56(2)(viib) scope for computing addition to income. en-us Thu, 07 Dec 2023 00:00:00 +0530 Sat, 09 Dec 2023 08:55:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446726 ITAT Rajkot dismissed the assessee's appeal challenging addition u/s 56(2)(viib) for shares issued at premium exceeding fair market value. The tribunal upheld rejection of the assessee's valuation report where land was valued at Rs. 87,62,200 against purchase price of Rs. 8,74,460 without proper basis. CIT(A)'s finding that the valuer provided no justification for 10-fold valuation increase was accepted. The tribunal confirmed that entire consideration received, including face value and premium, falls within section 56(2)(viib) scope for computing addition to income. Case-Laws Income Tax Thu, 07 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446726