Revision u/s 263 by CIT - Addition u/s 56(2) - The admitted ...

Income Tax

December 17, 2021

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 Sec.56(2)(viib) of the Act would be applicable - Thus the order of the AO was erroneous. - Revision order sustained - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - Addition u/s 56(2) - The admitted ...

Income Tax

December 17, 2021

You may also like:

Revision u/s 263 by CIT - Determination of Fair market value (FMV) of shares - applicability of section 56(2)(viib) - even where there is a technical breach in terms of...

Applicability of section 56(2)(viib) and valuation of shares in cases of Right Issues - Revision order u/s 263 - The Tribunal disagreed with the Pr. CIT's valuation of...

Appraisal report available but AO ignored, a fit case for revision u/s 263 - HC

Revision u/s 263 - large share premium received - valuation of shares and the applicability of Section 56(2)(viib) - The Tribunal found that the PCIT's order was...

Addition u/s 56(2)(vii)(b) - difference in the market value and issued value of shares - assessee had established through various evidences submitted during appeal...

Revision u/s 263 - addition u/s 56(2)(viib) - Section 56(2)(viib) of the Act s only applicable to residents and not to Non Residents. - In the instant case also Ld. A.O...

Addition u/s 56(2)(vii b) - value the equity shares using DCF Method - the Lower Authorities ought to have considered the valuation report of the Chartered Accountant...

Revision u/s 263 by CIT - as per CIT AO had failed to verify applicability of the provisions of Section 56(2)(viia) - As far as the invocation of Explanation 2 to...

Enhancement made by the Ld. CIT(A) u/s 251(1) r.w.s. 56(2) (viib) - AO substituted fair market value determined by the assessee through his own valuation - Assessees...

Taxability of share premium collected by assessee u/s.56(2)(viib) - fair market value of shares - when the assessee has substantiated share price to the satisfaction of...

Quick Updates: