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FMV of shares cannot be determined based on circle rate of property
Case Law Details
- Case Name
- ITO Vs Malibu Estate Dispensary Pvt. Ltd (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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ITO Vs Malibu Estate Dispensary Pvt. Ltd (ITAT Delhi)
Briefly stated the facts of the case are that the assessee company is under taking construction of dispensary/ hospital at Gurgaon. During the year under consideration the assessee introduced share capital/ share premium in respect of total number of shares allotted at 152816 with face value of Rs.1428160/- and premium of Rs.69979840/-. The share premium was @ 490 per share. During the course of the scrutiny assessment proceedings and on perusal of the financial statements the AO learned that the NAV of shares was Rs. 10 as...
