https://www.taxtmi.com/caselaws?id=470429 Receipt of unquoted shares by a partnership firm as partners' capital contribution under a bona fide family settlement does not constitute a transfer for section 56(2)(viia) purposes. The shares were valued at the time of contribution under Rule 11UA, and a merchant banker's report describing intrinsic value as merely indicative could not replace the prescribed fair market value methodology. Accordingly, section 56(2)(viia) did not apply and the addition based on substituted intrinsic value was unsustainable. en-us Thu, 20 Mar 2025 00:00:00 +0530 Mon, 27 Jul 2026 19:07:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470429 Receipt of unquoted shares by a partnership firm as partners' capital contribution under a bona fide family settlement does not constitute a transfer for section 56(2)(viia) purposes. The shares were valued at the time of contribution under Rule 11UA, and a merchant banker's report describing intrinsic value as merely indicative could not replace the prescribed fair market value methodology. Accordingly, section 56(2)(viia) did not apply and the addition based on substituted intrinsic value was unsustainable. Case-Laws Income Tax Thu, 20 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470429