https://www.taxtmi.com/caselaws?id=460040 The ITAT Jodhpur ruled in favor of the assessee regarding addition under Section 56(2)(viib) for share premium received. The tribunal held that Rule 11UA(2) allows assessee's discretion in choosing valuation method for unquoted equity shares between NAV method or DCF method, and the AO cannot impose his own method. Since shares were valued at Rs. 158 per share with allotment at Rs. 100, below NAV, and investments came from directors and director's son, no contravention of Section 56(2) occurred. However, regarding Section 68 addition for unsubstantiated creditor identity and PAN, the matter was remitted back to CIT(A) for fresh adjudication. en-us Tue, 19 Dec 2023 00:00:00 +0530 Wed, 08 Jan 2025 18:56:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460040 The ITAT Jodhpur ruled in favor of the assessee regarding addition under Section 56(2)(viib) for share premium received. The tribunal held that Rule 11UA(2) allows assessee's discretion in choosing valuation method for unquoted equity shares between NAV method or DCF method, and the AO cannot impose his own method. Since shares were valued at Rs. 158 per share with allotment at Rs. 100, below NAV, and investments came from directors and director's son, no contravention of Section 56(2) occurred. However, regarding Section 68 addition for unsubstantiated creditor identity and PAN, the matter was remitted back to CIT(A) for fresh adjudication. Case-Laws Income Tax Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460040