Photo of Surajkumar Shetty

Principal Associate in the Tax Practice at the Mumbai office of Cyril Amarchand Mangaldas. Suraj specialises in various aspects of direct tax relating to M&A transactions, international tax, corporate tax, funds taxation, etc. He can be reached at surajkumar.shetty@cyrilshroff.com

 

Taxpayer’s Choice for Valuation of Shares at Premium Upheld

The Income Tax Appellate Tribunal (ITAT) in the case of M/s. Rameshwaram Strong Glass (P) Ltd. v The Income Tax Officer[1] has upheld the right of the company issuing shares to choose the valuation methodology under the provisions of the Income Tax Act, 1961 (IT Act) read with the rules framed thereunder (Tax Law) for the purposes of determining the ‘fair market value’ (FMV) of such shares at premium. Continue Reading Taxpayer’s Choice for Valuation of Shares at Premium Upheld