Appellate Tribunal Orders Reassessment of Startup Exemption Claim u/s 56(2)(viib) for Unquoted Equity Shares Valuation.

Appellate Tribunal Orders Reassessment of Startup Exemption Claim u/s 56(2)(viib) for Unquoted Equity Shares Valuation. https://www.taxtmi.com/highlights?id=79706 Appellate Tribunal held that the Assessing Officer failed to provide findings for rejecting assessee's claim of exemption as a startup from applicability of section 56(2)(viib) regarding valuation of unquoted equity shares. Commissioner of Income Tax (Appeals) merely endorsed Assessing Officer's reasoning for not accepting valuation report without addressing assessee's claim. The issue was remanded to Assessing Officer to consider assessee's claim of startup exemption from section 56(2)(viib) after providing opportunity of hearing. en-us Thu, 25 Jul 2024 08:05:34 +0530 Thu, 25 Jul 2024 08:05:34 +0530 TaxTMI RSS Generator Appellate Tribunal Orders Reassessment of Startup Exemption Claim u/s 56(2)(viib) for Unquoted Equity Shares Valuation. https://www.taxtmi.com/highlights?id=79706 Appellate Tribunal held that the Assessing Officer failed to provide findings for rejecting assessee's claim of exemption as a startup from applicability of section 56(2)(viib) regarding valuation of unquoted equity shares. Commissioner of Income Tax (Appeals) merely endorsed Assessing Officer's reasoning for not accepting valuation report without addressing assessee's claim. The issue was remanded to Assessing Officer to consider assessee's claim of startup exemption from section 56(2)(viib) after providing opportunity of hearing. Highlights Income Tax Thu, 25 Jul 2024 08:05:34 +0530 https://www.taxtmi.com/highlights?id=79706