https://www.taxtmi.com/caselaws?id=757310 The ITAT Mumbai remitted the matter back to the AO for fresh examination regarding addition under section 56(2)(viib) for excessive share premium. The assessee issued shares at Rs. 250 per share with Rs. 240 premium to directors based on revalued assets, while AO adopted book value as on 31.03.2011 determining share value at Rs. 138.50. The tribunal held that AO incorrectly adopted valuation date as 31.03.2011 instead of actual valuation date, but noted assessee failed to provide adequate documentary evidence supporting the valuation. The appeal was allowed for statistical purposes with directions for de novo examination. en-us Fri, 02 Feb 2024 00:00:00 +0530 Thu, 22 Aug 2024 09:08:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757310 The ITAT Mumbai remitted the matter back to the AO for fresh examination regarding addition under section 56(2)(viib) for excessive share premium. The assessee issued shares at Rs. 250 per share with Rs. 240 premium to directors based on revalued assets, while AO adopted book value as on 31.03.2011 determining share value at Rs. 138.50. The tribunal held that AO incorrectly adopted valuation date as 31.03.2011 instead of actual valuation date, but noted assessee failed to provide adequate documentary evidence supporting the valuation. The appeal was allowed for statistical purposes with directions for de novo examination. Case-Laws Income Tax Fri, 02 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757310