https://www.taxtmi.com/caselaws?id=466523 Extraordinary share premium credited at a premium over face value was challenged as income under section 56(2)(vii)(b); the tribunal held that questioning genuineness of the receipt attracts the unexplained receipts doctrine and assessment under that head, not the specified valuation provision, and deleted the addition because the statutory fair market value methods were not invoked. Separately, enhancement of income by the appellate authority on a new head not raised by the assessing officer was held unsustainable as it creates an altogether new income head; that enhancement was deleted accordingly. en-us Thu, 27 Feb 2025 00:00:00 +0530 Wed, 11 Feb 2026 09:37:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466523 Extraordinary share premium credited at a premium over face value was challenged as income under section 56(2)(vii)(b); the tribunal held that questioning genuineness of the receipt attracts the unexplained receipts doctrine and assessment under that head, not the specified valuation provision, and deleted the addition because the statutory fair market value methods were not invoked. Separately, enhancement of income by the appellate authority on a new head not raised by the assessing officer was held unsustainable as it creates an altogether new income head; that enhancement was deleted accordingly. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466523