https://www.taxtmi.com/caselaws?id=753990 ITAT Delhi allowed the assessee's appeal against Pr.CIT's revision order u/s 263 directing fresh assessment for determining FMV of shares issued at premium under section 56(2)(viib). The tribunal held that since substantial shares were allotted to existing shareholders at Rs. 40 premium based on independent valuation, section 56(2)(viib) was inapplicable as no income accrued to existing shareholders. The AO's order was neither erroneous nor prejudicial to revenue interest, failing to meet jurisdictional requirements of section 263. The revisional order was cancelled and AO's original order restored. en-us Wed, 12 Jun 2024 00:00:00 +0530 Fri, 14 Jun 2024 08:17:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753990 ITAT Delhi allowed the assessee's appeal against Pr.CIT's revision order u/s 263 directing fresh assessment for determining FMV of shares issued at premium under section 56(2)(viib). The tribunal held that since substantial shares were allotted to existing shareholders at Rs. 40 premium based on independent valuation, section 56(2)(viib) was inapplicable as no income accrued to existing shareholders. The AO's order was neither erroneous nor prejudicial to revenue interest, failing to meet jurisdictional requirements of section 263. The revisional order was cancelled and AO's original order restored. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753990