Tribunal Upholds Income Addition for Shares Purchased Above Fair Market Value, Dismissing Lower Valuation Reports.

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....Addition u/s 56(2)(viia) - purchase of shares at price more than its fair market value - The tribunal extensively reviewed the submissions and evidence presented, including the valuation of shares, the authenticity of transactions, and the procedural challenges raised by the assessee. The AO added sums to the assessee's income as the purchase price of shares in several companies was found to be less than their fair market value as per the records on the Ministry of Corporate Affairs website. The ITAT agreed with this approach, rejecting the assessee's valuation reports which claimed lower market values for these shares.....