Court Upholds Fair Market Value Calculation for Rights Shares u/s 56; Previous Balance Sheet Used for Valuation.

Addition u/s 56 - addition in respect of allocation of 1,03,000 rights shares - valuation - since the shares were allotted before Balance Sheet for AY 2013-14 was finalized, in our view Ld. CIT(Appeals) has not erred in computing the FMV per share considering the previous balance sheet which was approved in the AGM for valuation of FMV of the shares. - AT .....

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