Assessee that have worked out the choice offered as per Expln
AO while in the reassessment legal proceeding, denied the new valuation report, on the ground however declaration wasn’t recorded throughout the modern analysis legal proceeding, and you may taxed the new advanced accumulated by the invoking sec 56(2)(viib).
But not, the examining administrator didn’t accept the above mentioned submitting of assessee and added forty% from region percentage received up against profit away from house, to the full earnings of your own assessee as unexplained earnings u/s 69 of Act towards the protective basis
(a)(ii) so you can sec. 56(2)(viib), and having substantiated the fresh reasonable market value regarding shares according to valuation report, once the toward date of problem of offers, there’s no extent to help you invoke provisions from sec 56(2)(viib) in order to tax show premium built-up to your affairs away from offers.
Mehul Mehta stated about banakhat
Assessee having corroborated show price with the aid of valuation statement, the time out of filing valuation statement isn’t relevant conditions, neither it changes the trouble, to determine if fair market price from shares given was substantiated to the pleasure out of AO, brand new getting rejected of valuation review of surface one to exact same is actually received subsequent to the time out of problem of offers and not are submitted through the new testing procedures is completely wrong. (AY. 2013-14)
