AO throughout reassessment proceedings, rejected this new valuation declaration, on to the floor that said statement wasn’t recorded during the original testing legal proceeding, and you can taxed new advanced collected because of the invoking sec 56(2)(viib).
Yet not, new evaluating manager did not deal with the aforementioned entry of your assessee and you can added 40% off area payment gotten against marketing from residential property, towards overall earnings of your assessee as unexplained money you/s 69 of Operate into protective basis
(a)(ii) in order to sec. 56(2)(viib), and achieving substantiated this new fair market price out of offers based on valuation statement, since on big date out-of issue of shares, there’s absolutely no extent to help you invoke provisions of sec 56(2)(viib) so you can income tax share premium accumulated on factors out of offers.
Mehul Mehta mentioned from the banakhat
Assessee which have corroborated show speed by using valuation statement, the newest timing off submitting valuation report isn’t related standards, nor they alters the situation, to decide if fair market price regarding offers granted is actually corroborated to the satisfaction off AO, this new getting rejected away from valuation overview of soil you to exact same are acquired after new day of problem of shares and never being submitted during the brand new comparison procedures try wrong. (AY. 2013-14)