ITAT remanded matter back for valuation of preference shares issued at premium

INCOME TAX: Where AO made addition to assessee's income in respect of preference shares issued at premium, in view of fact that valuation of preference shares was to be made as per rule 11UA(1)(c) which require assessee to obtain a report from a merchant banker or a Chartered Accountant to determine price which preference shares would fetch if sold in open market on valuation date, impugned order was to be set aside and, matter was to be remanded back to Assessing Officer for disposal afresh

from www.taxmann.com Latest Case Laws https://ift.tt/2xQx05m