https://www.taxtmi.com/caselaws?id=447407 ITAT Delhi dismissed revenue's appeal regarding share premium additions under section 56(2)(viib) and section 68. Assessee issued shares at Rs. 10 face value with Rs. 990 premium. For FMV determination, assessee chose merchant banker valuation over book value method, which was permissible under Rule 11UA. CIT(A) correctly deleted additions as AO failed to provide sound reasoning to counter assessee's higher valuation. Regarding section 68 addition, since AO accepted same applicants under section 56(2)(viib), he cannot question their identity and creditworthiness when assessee satisfied initial burden with confirmations and ITRs. en-us Fri, 22 Dec 2023 00:00:00 +0530 Mon, 25 Dec 2023 09:25:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447407 ITAT Delhi dismissed revenue's appeal regarding share premium additions under section 56(2)(viib) and section 68. Assessee issued shares at Rs. 10 face value with Rs. 990 premium. For FMV determination, assessee chose merchant banker valuation over book value method, which was permissible under Rule 11UA. CIT(A) correctly deleted additions as AO failed to provide sound reasoning to counter assessee's higher valuation. Regarding section 68 addition, since AO accepted same applicants under section 56(2)(viib), he cannot question their identity and creditworthiness when assessee satisfied initial burden with confirmations and ITRs. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447407