https://www.taxtmi.com/caselaws?id=754046 The ITAT Delhi quashed a revision order u/s 263 regarding share premium valuation. The case involved valuation of unquoted shares where the auditor's report incorrectly referenced Rule 11UA(1)(c) for quoted shares instead of Rule 11UA(1)(b) for unquoted shares, attracting Section 56(2)(b) provisions. The AO had raised relevant queries during assessment which the assessee answered with evidence. Despite the technical error in referencing the wrong sub-section, the valuation method was correct and the investor was the parent company. The ITAT held the assessment order was not erroneous or prejudicial to revenue interests, quashing the revision order. en-us Thu, 13 Jun 2024 00:00:00 +0530 Sat, 15 Jun 2024 08:22:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754046 The ITAT Delhi quashed a revision order u/s 263 regarding share premium valuation. The case involved valuation of unquoted shares where the auditor's report incorrectly referenced Rule 11UA(1)(c) for quoted shares instead of Rule 11UA(1)(b) for unquoted shares, attracting Section 56(2)(b) provisions. The AO had raised relevant queries during assessment which the assessee answered with evidence. Despite the technical error in referencing the wrong sub-section, the valuation method was correct and the investor was the parent company. The ITAT held the assessment order was not erroneous or prejudicial to revenue interests, quashing the revision order. Case-Laws Income Tax Thu, 13 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754046