https://www.taxtmi.com/caselaws?id=762535 The ITAT Chennai upheld the AO's addition under section 56(2)(viib) for shares allotted at premium to promoters/existing shareholders. The assessee's DCF valuation method was rejected as it lacked supporting documents and was prepared post-issuance during assessment proceedings in 2021, with no valuation existing at the time of share issuance. The AO correctly applied Rule 11UA(2) determining FMV at Rs. 63.47 versus the claimed premium of Rs. 140. The tribunal rejected the assessee's argument regarding valuation date options under amended Rule 11UA, finding no merchant banker valuation report existed at issuance time. The addition was sustained. en-us Fri, 29 Nov 2024 00:00:00 +0530 Tue, 03 Dec 2024 08:44:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762535 The ITAT Chennai upheld the AO's addition under section 56(2)(viib) for shares allotted at premium to promoters/existing shareholders. The assessee's DCF valuation method was rejected as it lacked supporting documents and was prepared post-issuance during assessment proceedings in 2021, with no valuation existing at the time of share issuance. The AO correctly applied Rule 11UA(2) determining FMV at Rs. 63.47 versus the claimed premium of Rs. 140. The tribunal rejected the assessee's argument regarding valuation date options under amended Rule 11UA, finding no merchant banker valuation report existed at issuance time. The addition was sustained. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762535