https://www.taxtmi.com/caselaws?id=775304 The ITAT Mumbai allowed the assessee's application to admit additional evidence under Rule 29 concerning the valuation of shares acquired in an off-market transaction. The AO had made an addition under section 56(2)(x) based on the difference between the FMV and the purchase price. Considering the anti-abuse nature of the provision and the importance of the additional evidence to substantiate the bona fide nature of the transaction, the ITAT remanded the matter to the Ld. CIT(A) for fresh adjudication on merits after examining the newly submitted evidence. en-us Mon, 30 Jun 2025 00:00:00 +0530 Wed, 23 Jul 2025 08:29:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775304 The ITAT Mumbai allowed the assessee's application to admit additional evidence under Rule 29 concerning the valuation of shares acquired in an off-market transaction. The AO had made an addition under section 56(2)(x) based on the difference between the FMV and the purchase price. Considering the anti-abuse nature of the provision and the importance of the additional evidence to substantiate the bona fide nature of the transaction, the ITAT remanded the matter to the Ld. CIT(A) for fresh adjudication on merits after examining the newly submitted evidence. Case-Laws Income Tax Mon, 30 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775304