https://www.taxtmi.com/caselaws?id=459722 ITAT Delhi held that provisions of Section 56(2)(viib) regarding excessive share premium apply on the date of share allotment, not when share application money is received. The assessee received consideration in F.Y. 2010-11 but shares were allotted in F.Y. 2014-15, making the provision inapplicable as it became effective from April 1, 2013. Additionally, the tribunal ruled that the choice of valuation method under Rule 11UA for unquoted shares lies with the assessee, not the AO. The AO can only reject the chosen method if proven incorrect or non-compliant with prescribed standards. Decision favored the assessee against revenue. en-us Tue, 23 May 2023 00:00:00 +0530 Tue, 24 Dec 2024 20:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459722 ITAT Delhi held that provisions of Section 56(2)(viib) regarding excessive share premium apply on the date of share allotment, not when share application money is received. The assessee received consideration in F.Y. 2010-11 but shares were allotted in F.Y. 2014-15, making the provision inapplicable as it became effective from April 1, 2013. Additionally, the tribunal ruled that the choice of valuation method under Rule 11UA for unquoted shares lies with the assessee, not the AO. The AO can only reject the chosen method if proven incorrect or non-compliant with prescribed standards. Decision favored the assessee against revenue. Case-Laws Income Tax Tue, 23 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459722