Appellate Tribunal held that the Assessing Officer failed to ...

Tribunal: AO failed to justify rejecting startup's exemption claim under 56(2)(viib). CIT(A) endorsed AO's reasoning sans addressing exemption claim. Remanded for fresh adjudication.

Case Laws Income Tax

July 25, 2024

Appellate Tribunal held that the Assessing Officer failed to provide findings for rejecting assessee's claim of exemption as a startup from applicability of section 56(2)(viib) regarding valuation of unquoted equity shares. Commissioner of Income Tax (Appeals) merely endorsed Assessing Officer's reasoning for not accepting valuation report without addressing assessee's claim. The issue was remanded to Assessing Officer to consider assessee's claim of startup exemption from section 56(2)(viib) after providing opportunity of hearing.

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Appellate Tribunal held that the Assessing Officer failed to ...

Tribunal: AO failed to justify rejecting startup's exemption claim under 56(2)(viib). CIT(A) endorsed AO's reasoning sans addressing exemption claim. Remanded for fresh adjudication.

Case Laws Income Tax

July 25, 2024

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