True and Full Disclosure regarding Valuation of Equity Shares: Bombay HC quashes Re-Assessment Notice [Read Order]

Valuation of Equity Shares - Equity Shares - Shares - Bombay High Court - Re-Assessment Notice - Re-Assessment - Notice - taxscan

The Bombay High Court quashed re assessment notice as there was true and full disclosure regarding valuation of equity shares. The Petitioner, The Suminter Organic and FairTrade Cottton Ginning Mill Pvt, had issued premium of Rs.17 per share, which was not valued correctly in terms of Rule 11UA r/w Section 56(2)(viib) of the Income Tax…

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