Addition not justified as fair market value determined as per rule 11UA: ITAT Jodhpur

Patel Minerals Pvt. Ltd. Vs ACIT (ITAT Jodhpur) ITAT Jodhpur held that since fair market value of unquoted equity shares is to be determined in accordance with rule 11Uand 11UA of Income Tax Rules, addition by invoking provisions of section 56(2)(viib) not justified. Accordingly, appeal allowed and addition deleted. Facts- Assessee (a company, not being a company in which public are substantially interested) had issued share on premium during the year. Total 1,70,000/-shares were issued at face value of Rs 10 and @ premium of Rs 20 per share at total consideration of Rs 51,00,000/- including p...