viib) was there in the statute nor Rule 11U & 11UA was
prescribed. Apart from that, assessee has given detailed submission ... company, one which is provided in the rules, i.e., 11U & 11UA
and other one is residuary method which provides assistance to
the assessee
instead of fair market value @ Rs. 234.82/- per
share under rule 11UA as claimed and that too by
recording incorrect facts and findings and without ... Hyderabad (2016) 68
Taxman.com 29 (Hyd. Tri.)
As per rule 11UA the computation works out to Rs.
234.82 per share. Thus the fair market
viia) r/w Rule- 11UA.
2.1 That under the facts and circumstances, both the lower
authorities exceeded the scope of this limited scrutiny asstt ... examination towards applicability of sec.56
(2) (viia) r/w Rule-11UA against examination correctly to be
done only
pursuance to provision of section
56(2)(viib) read with Rule 11UA whose fair market value of the share i.e. Rs. 50/- was
done ... issue
price of the shares to the Ld. AR and Rule 11UA(2) the Ld. AO is not supposed to
ignore the option exercised
assessee to furnish calculation of the
valuation made as per Rule 11UA to verify taxability u/s 56(2)(viib ... method prescribed for valuation of the unquoted shares as per Rule 11UA(2)
in a proper manner. The assessee has not taken the value
obtained a valuation report
from the Chartered Accountant as required under Rule
11UA(2)(b) of IT Rules, 1963 who had certified the fair market ... Rules, 1962. Afte r taking value of shares
as per Rule 11UA, necessary additio n to be made in assessee's
income
rejected the calculation made by
the assessee in terms of section 11UA for calculating the share premium on the
ground that the company ... valuation of the shares has to be done in
accordance with Rule 11UA of the Income Tax Rules. The ld. Counsel also
referred
shares. The assessee claimed to have valued the shares as
per Rule 11UA of the Income-tax Rules, 1962 (in short 'the
Rules ... referred the section 56(2)(viia) of the Act
read with Rule 11UA of the Rules. Thus, as per the AO with
difference
that the assessee has the option to adopt the
valuation under Rule 11UA(2)(a) or under Rule 11UA(2)(b) i.e. the fair ... correct. Further,
the AO determined the value of the shares under Rule 11UA(2)(a) at the rate of Rs. 210 per share.
Further
fact that valuation of
shares was not as provided in Rules 11UA of the IT
Rules, 1962. The valuation produced was as per DCF
method ... applied the
provisions of IT Rules 1961 as given in Rule
11UA(2)(a) of IT Act and ascertained the excess
share premium received
