Shares Gifted and recorded at Higher Value in the books – No tax U/s 56(2)(x): ITAT Mumbai The issue before ITAT, Mumbai was whether the difference between the cost of shares gifted by the assessee’s relative (₹2,73,06,266/-) and the fair market value (FMV) recorded by the assessee (₹7,76,25,000/-) can be treated as unexplained credit…
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