https://www.taxtmi.com/caselaws?id=448824 The ITAT Ahmedabad set aside the CIT's revision order under section 263 that had deemed the original assessment erroneous. The CIT had invoked section 56(2)(viib) for right issue shares, claiming they were issued below fair market value. However, the ITAT relied on the precedent in Chhatisgarh Metaliks case, which held that section 56(2)(viib) cannot be applied to rights issues. The ITAT found the CIT's revision exercise failed on identical facts, as the provision was not applicable to rights issues, thereby allowing the assessee's appeal. en-us Wed, 24 Jan 2024 00:00:00 +0530 Tue, 27 Aug 2024 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448824 The ITAT Ahmedabad set aside the CIT's revision order under section 263 that had deemed the original assessment erroneous. The CIT had invoked section 56(2)(viib) for right issue shares, claiming they were issued below fair market value. However, the ITAT relied on the precedent in Chhatisgarh Metaliks case, which held that section 56(2)(viib) cannot be applied to rights issues. The ITAT found the CIT's revision exercise failed on identical facts, as the provision was not applicable to rights issues, thereby allowing the assessee's appeal. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448824