TMI BlogRevision u/s 263 by CIT - Addition u/s 56(2) - The admitted position in the present case is that the...Revision u/s 263 by CIT - Addition u/s 56(2) - The admitted position in the present case is that the assessee did not file any valuation report to substantiate the fair market value of shares issued in terms of Sec.56(2)(viib) (a)(i) of the Act and Rule 11UA of the Rules. In such circumstances, we are of the view that the AO could not have accepted the intrinsic value without calling for a value in terms of Rule 11UA of the Rules to find out whether class (i) or class (ii) of explanation (a) to ..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
