ITAT directed fresh assessment u/s 263 for FMV of shares. Existing shareholders not taxable. Pr.CIT's revisional action unjustified.

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....The ITAT directed the AO to conduct a fresh assessment u/s 263 to determine the Fair Market Value (FMV) of shares issued u/s 56(2)(viib). Existing shareholders received substantial shares at a premium, with only a few new subscribers. Citing a precedent, it was found that taxing excessive premium on shares issued to existing shareholders is not applicable as no income accrues to them. The AO's actions were not erroneous or prejudicial to revenue. The Pr.CIT's revisional action lacked jurisdiction under Section 263, leading to the appeal being allowed, canceling the revisional order and restoring the AO's decision.....