https://www.taxtmi.com/caselaws?id=753629 HC dismissed Revenue's appeal, upholding the Tribunal and CIT(A) findings that Section 56(2)(viib) did not apply because no consideration was received on allotment of shares-the shares were issued on conversion of earlier loans whose source was satisfactorily explained. The court also held the AO lacked jurisdiction to override the assessee's adoption of DCF valuation under Rule 11UA(2)(d); DCF is an accepted method and NAV substitution by the AO was impermissible. The revenue appeal was therefore dismissed. en-us Fri, 31 May 2024 00:00:00 +0530 Mon, 01 Sep 2025 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753629 HC dismissed Revenue's appeal, upholding the Tribunal and CIT(A) findings that Section 56(2)(viib) did not apply because no consideration was received on allotment of shares-the shares were issued on conversion of earlier loans whose source was satisfactorily explained. The court also held the AO lacked jurisdiction to override the assessee's adoption of DCF valuation under Rule 11UA(2)(d); DCF is an accepted method and NAV substitution by the AO was impermissible. The revenue appeal was therefore dismissed. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753629