AO must determine FMV of shares in terms of Explanation to Sec. 56(2)(viib): ITAT

ITO Vs Priya Estate Developers Private Ltd. (ITAT Chennai)

Assessee being a real estate developer, allotted 10060 equity shares as per the fair market value (FMV) computed in accordance with Sec.56(2)(viib) read with Rule 11U / 11UA. Money was not introduced in this year, but it was given in earlier years as promoter’s loans which wer

Please become a Premium member. If you are already a Premium member, login here to access the full content.