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AO couldn't apply sec. 56(2)(viib) to tax excess share premium without determining FMV of shares

July 10, 2019[2019] 107 15 (Madras)

INCOME TAX : Before applying provisions of section 56(2)(viib), assessing authority is required to undertake exercise of determining fair Market Value of shares as provided in provisions of section 56(2)(viib)

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