CIT(A) Deletes Additions: Fair Market Value of Shares Accurately Valued u/s 56(2)(viia)(ii) of Income Tax Act.

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....Addition u/s 56(2)(viia)(ii) - determination of fair market value of shares - Method of valuation - Addition towards difference between FMV and actual amount paid for purchase of shares - CIT(A) deleted the additions - Since the valuation report is based on the method prescribed under the I.T. Rules and since the same has determined the fair market value at Minus 340.56, CIT(A) has rightly followed the same while deleting the addition - AT....