https://www.taxtmi.com/caselaws?id=449731 ITAT Ahmedabad dismissed Revenue's appeal regarding addition under section 56(2)(viib) for share premium. The AO had questioned fair market value determination due to variations between projected and actual figures. Following Delhi HC precedent in Cinestaan Entertainment case, ITAT held that when assessee adopts recognized valuation method per Rule 11UA(2)(b) and Revenue fails to demonstrate demonstrably wrong approach or erroneous basis, AO cannot interfere with valuer's findings. Since AO made no verification of projected figures' correctness, CIT(A)'s deletion of addition was upheld as justified. en-us Thu, 25 Jan 2024 00:00:00 +0530 Sat, 17 Feb 2024 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449731 ITAT Ahmedabad dismissed Revenue's appeal regarding addition under section 56(2)(viib) for share premium. The AO had questioned fair market value determination due to variations between projected and actual figures. Following Delhi HC precedent in Cinestaan Entertainment case, ITAT held that when assessee adopts recognized valuation method per Rule 11UA(2)(b) and Revenue fails to demonstrate demonstrably wrong approach or erroneous basis, AO cannot interfere with valuer's findings. Since AO made no verification of projected figures' correctness, CIT(A)'s deletion of addition was upheld as justified. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449731