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Court Rules on Share Valuation: Use Balance Sheet as of Valuation Date u/s 56(2)(vii)(c) Income Tax Act.

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....Addition u/s 56(2)(vii)(c) - determination of FMV of shares - drawing up a balance sheet as on valuation date or previous audited balance sheet is to be taken as the base - there was nothing preventing the appellant from drawing up the balance sheet of GEPL as on that date for the limited purpose.....

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