https://www.taxtmi.com/caselaws?id=448784 The ITAT Delhi ruled in favor of the assessee in a revision case u/s 263 involving large share premium received and valuation under Section 56(2)(viib). The PCIT had held that the assessment order lacked proper enquiry into fair market value of shares issued. However, the ITAT found that the assessee had produced a valuation report prepared under Rule 11UA by a Chartered Accountant and provided audited balance sheets. The PCIT's rejection of the balance sheet for lack of AGM approval was deemed perverse as Rule 11UA contains no such pre-condition. Since the assessee had already furnished all required details during original assessment proceedings, the PCIT erred in exercising powers under Section 263. en-us Wed, 24 Jan 2024 00:00:00 +0530 Tue, 30 Jan 2024 07:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448784 The ITAT Delhi ruled in favor of the assessee in a revision case u/s 263 involving large share premium received and valuation under Section 56(2)(viib). The PCIT had held that the assessment order lacked proper enquiry into fair market value of shares issued. However, the ITAT found that the assessee had produced a valuation report prepared under Rule 11UA by a Chartered Accountant and provided audited balance sheets. The PCIT's rejection of the balance sheet for lack of AGM approval was deemed perverse as Rule 11UA contains no such pre-condition. Since the assessee had already furnished all required details during original assessment proceedings, the PCIT erred in exercising powers under Section 263. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448784