{"id":7034,"date":"2019-09-05T08:23:59","date_gmt":"2019-09-05T08:23:59","guid":{"rendered":"http:\/\/itatonline.org\/digest\/ginni-global-p-ltd-v-acit-2019-177-itd-278-jaipurtrib-2\/"},"modified":"2020-03-15T12:42:19","modified_gmt":"2020-03-15T12:42:19","slug":"ginni-global-p-ltd-v-acit-2019-177-itd-278-jaipurtrib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/ginni-global-p-ltd-v-acit-2019-177-itd-278-jaipurtrib-2\/","title":{"rendered":"Ginni Global (P.) Ltd. v. ACIT (2019) 177 ITD 278\/182 DTR 44 \/ 201 TTJ 524  (Jaipur)(Trib.)"},"content":{"rendered":"<p>Assessee issued preference shares of Rs. 100 each at premium of Rs. 100 per share. AO determined fair market value of preference shares at Rs. 150.39 per share\u00a0 and excess amount is brought to tax u\/s 56(2) (vii)(b) of the Act, which was confirmed by the CIT(A). On appeal the Tribunal held that \u00a0the valuation of the preference shares, the valuation should be determined as per rule 11UA(1)(c) which required the assessee to obtain a report from a merchant banker or a Chartered Accountant to determine the price which preference shares would fetch if sold in the open market on the valuation date. Accordingly the matter is set aside to the file of the Assessing Officer who shall determine the value of the preference shares as per the NAV method based on formula. (AY. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 56 : Income from other sources\u2013Preference shares-Premium- Valuation is to be made as per Rule 11UA(1)(c)\u2013Matter set aside.   [S. 56(2)(vii)(b), R. 11UA(1)(c)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7034","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Ps","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=7034"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7034\/revisions"}],"predecessor-version":[{"id":10446,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7034\/revisions\/10446"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}