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2022 (10) TMI 452 - AT - Income TaxIncome from other sources - Addition on account of difference in share price viz-a-viz Fair Market Value - HELD THAT:- There is no dispute that the AO has not given any valid reason for discarding valuation report of a registered valuer filed by the assessee. It is equally true that as per explanation a to section 56 (2)(viib) of the Act it has been specifically provided that the fair market value of the shares shall be based on (1) the value determined under rule 11UA or (2) fair market value of the under lying assets whichever is higher. Therefore, in our understanding of the law the AO grossly erred in adopting the circle rate of the property. Considering the facts of the case in totality in the light of the relevant provisions of the Act we do not find any reason to interfere with the findings of the CIT(A). The appeal filed by the revenue is dismissed.
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