Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (7) TMI 163 - ITAT DELHIAddition u/s 56(2)(viia)(ii) - determination of fair market value of shares - Method of valuation - Addition towards difference between FMV and actual amount paid for purchase of shares - CIT(A) deleted the additions - HELD THAT:- As gone through the remand report submitted by the AO on the valuation of fair market value as per Rule 11UA(1) of the Rules. We find that in the remand report, other than supporting the assessment, AO has not commented at all on the determination of fair market value as per book value prescribed u/r 11UA(1) of the I.T. Rules. No error or infirmity was pointed out by the AO in the said valuation report. Since the valuation report is based on the method prescribed under the I.T. Rules and since the same has determined the fair market value at Minus 340.56, CIT(A) has rightly followed the same while deleting the addition, which calls for no interference. Decided against revenue.
|