INCOME TAX OFFICER, WARD-16(4), HYDERABAD vs. QUARK ENTERPRISES PRIVATE LIMITED , HYDERABAD
In the result, the appeal filed by the revenue is allowed for statistical purposes
ITA 1270/HYD/2019[2016-17]Status: DisposedITAT Hyderabad19 Sept 2022AY 2016-17
Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2016-17 Ito, Ward-16(4) Vs. M/S.Quark Enterprises 1St Floor, ‘B’ Block Private Limited I.T.Towers, A.C.Guards 10Th Floor, Ramky Masab Tank Grandoise Hyderabad Ramky Towers Complex Road No.62, Gachibowli Hyderabad-500 032
For Appellant: Shri A.V.Raghuram, AdvocateFor Respondent: Ms. M.Narmada, CIT-DR
Section 115JSection 56(2)(viib)
Section 56(2)(viib) FMV “as may be substantiated by the company to the satisfaction of the AO, based on the value, on the date of issue of shares, of its assets, including intangible assets being goodwill, know-how, patents, copyrights, trademarks, licences, franchises, or any other business or commercial rights of similar nature.” Hence, he valued FMV of shares
