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Assessee which have exercised the choice provided according to Expln

AO during reassessment procedures, declined the fresh new valuation report, on the ground having said that report was not submitted throughout new analysis procedures, and taxed the new superior gathered of the invoking sec 56(2)(viib).

not, the examining officer failed to take on the above distribution of your assessee and you will extra 40% regarding area payment received up against marketing out-of homes, with the full income of the assessee just like the unexplained money u/s 69 of one’s Operate into protective base

(a)(ii) so you can sec. 56(2)(viib), and achieving substantiated the fair market price out of shares centered on valuation declaration, given that to your big date from problem of shares, there isn’t any extent so you’re able to invoke terms off sec 56(2)(viib) in order to tax show advanced accumulated towards the circumstances regarding offers. Continua a leggere