https://www.taxtmi.com/caselaws?id=456903 The tribunal ruled in favor of the assessee, ordering the deletion of the additions made by the Assessing Officer under section 56(2)(viib) of the Income Tax Act. The tribunal found the Assessing Officer's use of an alternative valuation method unjustified, as the assessee had correctly followed Rule 11UA(2)(b) for determining the fair market value of shares. Consequently, the appeal was allowed, emphasizing adherence to prescribed valuation methods. en-us Mon, 10 Jul 2023 00:00:00 +0530 Fri, 23 Aug 2024 20:33:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456903 The tribunal ruled in favor of the assessee, ordering the deletion of the additions made by the Assessing Officer under section 56(2)(viib) of the Income Tax Act. The tribunal found the Assessing Officer's use of an alternative valuation method unjustified, as the assessee had correctly followed Rule 11UA(2)(b) for determining the fair market value of shares. Consequently, the appeal was allowed, emphasizing adherence to prescribed valuation methods. Case-Laws Income Tax Mon, 10 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456903