https://www.taxtmi.com/caselaws?id=447809 Delhi HC held that PCIT erred in exercising powers under Section 263 regarding share premium valuation. Assessee issued 28,729 shares to two companies at premium. PCIT contended AO failed to conduct proper enquiry under Section 56(2)(viib). Tribunal found AO had issued notices and sought explanations regarding high premium, with assessee explaining premium was justified by underlying immovable property worth Rs. 17.5 crores as per registered valuer. HC upheld Tribunal's factual findings that adequate enquiry was conducted by AO. PCIT's revision was flawed as this was not a case of no enquiry. Decided in favour of assessee. en-us Mon, 11 Dec 2023 00:00:00 +0530 Wed, 18 Feb 2026 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447809 Delhi HC held that PCIT erred in exercising powers under Section 263 regarding share premium valuation. Assessee issued 28,729 shares to two companies at premium. PCIT contended AO failed to conduct proper enquiry under Section 56(2)(viib). Tribunal found AO had issued notices and sought explanations regarding high premium, with assessee explaining premium was justified by underlying immovable property worth Rs. 17.5 crores as per registered valuer. HC upheld Tribunal's factual findings that adequate enquiry was conducted by AO. PCIT's revision was flawed as this was not a case of no enquiry. Decided in favour of assessee. Case-Laws Income Tax Mon, 11 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447809