https://www.taxtmi.com/caselaws?id=456480 The ITAT Bangalore held that section 56(2)(viib) regarding share premium receipts requires determination of Fair Market Value (FMV) using prescribed methods under Rule 11UA before taxing excess consideration as income from other sources. The AO incorrectly used face value as deemed FMV without proper valuation. Since neither the AO nor CIT(A) determined FMV through prescribed methods, the matter was remanded to CIT(A) for proper FMV determination following statutory procedures. The assessee's appeal was partly allowed. en-us Fri, 07 Jan 2022 00:00:00 +0530 Mon, 29 Jul 2024 20:13:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456480 The ITAT Bangalore held that section 56(2)(viib) regarding share premium receipts requires determination of Fair Market Value (FMV) using prescribed methods under Rule 11UA before taxing excess consideration as income from other sources. The AO incorrectly used face value as deemed FMV without proper valuation. Since neither the AO nor CIT(A) determined FMV through prescribed methods, the matter was remanded to CIT(A) for proper FMV determination following statutory procedures. The assessee's appeal was partly allowed. Case-Laws Income Tax Fri, 07 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456480