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2019 (6) TMI 1675 - AT - Income TaxAddition u/s 56(2)(viib) - unquoted equity shares were sold by the assessee at price more than Fare Market Value - shares were sold by the assessee at Rs. 100 per share as against its Fare Market Value of Rs. 98/-. - provision of round off the valuation of shares at the next rupee - assessee has submitted that the fair market value of the unquoted equity shares sold by the assessee was Rs. 98.61 per share and the same was rounded off by the assessee to Rs. 100/-. He has contended that even if the valuation so rounded off at Rs. 100/- may not be acceptable, the value as rounded off of to next rupee that is Rs. 99 should be adopted - HELD THAT:- Even the learned counsel for the assessee has not been able to point out any provision in the Act or in the Rules which permits such rounding off of the valuation to the next rupee. This makes it clear that the valuation taken by the AO at Rs. 98/- instead of Rs. 98.61 while computing the amount to be added u/s 56(2)(viib) is also not correct - therefore, direct the AO to recompute the addition u/s 56(2)(viib) by taking the of valuation at Rs. 98.61 after necessary verification.Appeal of the assessee is partly allowed.
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