Non-holding of enquiry for determination of FMV- Matter remanded back

CIT Vs M/s. Vaani Estates Pvt. Ltd. (Madras High Court) Having heard the learned counsel for the parties and considering the aforesaid provisions, we are of the opinion that the learned Assessing authority was required to undertake the exercise of fact finding by determining the Fair Market Value of the Shares in question as required in the Explanation to Section 56 as quoted That exercise been done, the matter deserves to be  remanded back to the learned Assessing Authority for undertaking the said fact finding exercise. The Assessee will be free to raise all factual and legal contentions in...