https://www.taxtmi.com/caselaws?id=770159 SC allowed the appeal challenging tax addition under section 56(2)(vii)(c)(ii). The court found the Assessing Officer's share valuation mechanically applied without considering crucial financial parameters like book value and tax credits. The conversion of unsecured loans to equity was deemed a legitimate business arrangement, not a tax avoidance scheme. The impugned addition was deleted, recognizing the need for substantive valuation over rigid statutory interpretation. en-us Mon, 24 Mar 2025 00:00:00 +0530 Wed, 07 May 2025 09:18:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770159 SC allowed the appeal challenging tax addition under section 56(2)(vii)(c)(ii). The court found the Assessing Officer's share valuation mechanically applied without considering crucial financial parameters like book value and tax credits. The conversion of unsecured loans to equity was deemed a legitimate business arrangement, not a tax avoidance scheme. The impugned addition was deleted, recognizing the need for substantive valuation over rigid statutory interpretation. Case-Laws Income Tax Mon, 24 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770159