Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2023 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (6) TMI 977 - GUJARAT HIGH COURTIncome from other sources u/s 56(2)(viib) - FMV determination - fair market value of the shares shall be the value determined under the prescribed formula or as per DCF method - HELD THAT:- As tribunal considering the provisions contained in Section 56(2)(viib) as well as Rule 11UA(2) of the Rules observed that as per the aforesaid Rule, fair market value of the shares shall be the value determined under the prescribed formula or as per DCF method which is at the option of the assessee and, therefore the DCF method adopted by the assessee for determining the fair market value of the share as per Rule 11UA2 does not require any interference - additions made u/s 56(2)(viib) are not sustainable in law and, thereby the tribunal has upheld the order passed by the CIT (Appeals) to the said extent and, thereby rejected the appeal filed by the appellant – Tribunal. No substantial question of law.
|