https://www.taxtmi.com/caselaws?id=770541 ITAT Mumbai dismissed Revenue's appeal regarding additions under section 56(2)(vii)(c) for AY 2015-16 and 2016-17. The assessee acquired shares in companies that held underlying shares at nominal values versus higher FMV. AO applied Rule 11UA incorrectly by considering FMV of underlying assets instead of book value, which was the applicable method for those assessment years. The amendment requiring FMV consideration became effective only from 01.04.2018. CIT(A)'s deletion of additions was upheld as AO applied incorrect valuation methodology for the relevant assessment years. en-us Wed, 30 Apr 2025 00:00:00 +0530 Tue, 13 May 2025 09:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770541 ITAT Mumbai dismissed Revenue's appeal regarding additions under section 56(2)(vii)(c) for AY 2015-16 and 2016-17. The assessee acquired shares in companies that held underlying shares at nominal values versus higher FMV. AO applied Rule 11UA incorrectly by considering FMV of underlying assets instead of book value, which was the applicable method for those assessment years. The amendment requiring FMV consideration became effective only from 01.04.2018. CIT(A)'s deletion of additions was upheld as AO applied incorrect valuation methodology for the relevant assessment years. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770541