Dismissing the appeal of the Revenue the Tribunal held that the assessee produced valuation report issued by Chartered Accountants, in compliance with sub-clause (c) of rule 11UA(1), wherein, valuation of preference shares. The valuation arrived at by Assessing Officer was a negative figure. Order of CIT(A) is affirmed. (AY. 2015-16)
ACIT v. Rodic Sikkim Project (P.) Ltd. (2023) 200 ITD 32 (Kol) (Trib.)
S. 56 : Income from other sources-Cumulative preference shares at premium-Produced valuation report for justifying the issue of shares at premium-Deletion of addition by CIT(A) is affirmed. [S. 56(2)(viib), R.11U, R.11UA]