https://www.taxtmi.com/caselaws?id=465837 Reopening of assessment to add income on alleged excess share premium was held invalid because any valuation for section 56(2)(vii)(c) must be undertaken strictly in accordance with Rule 11UA, and the AO could not substitute the declared premium per share as the basis for valuation. As the prescribed valuation route was not followed and the shares' fair market value was found to be negative and substantially below the consideration paid, the reopening lacked legal foundation. The HC allowed the writ petitions and quashed the impugned reopening order. en-us Tue, 17 Sep 2024 00:00:00 +0530 Sun, 11 Jan 2026 09:19:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465837 Reopening of assessment to add income on alleged excess share premium was held invalid because any valuation for section 56(2)(vii)(c) must be undertaken strictly in accordance with Rule 11UA, and the AO could not substitute the declared premium per share as the basis for valuation. As the prescribed valuation route was not followed and the shares' fair market value was found to be negative and substantially below the consideration paid, the reopening lacked legal foundation. The HC allowed the writ petitions and quashed the impugned reopening order. Case-Laws Income Tax Tue, 17 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465837