I have a doubt that should the share application money be excluded from total liabilities for calculation of fair market value of shares of a company under rule 11UA of income tax rules?
1 Replies
Prashanth
(Chartered Accountant)
(2322 Points)
Replied 12 January 2012
@ Mohit,
In case shares and securities are unquoted in such case the formula under Rule-11UA is
| Assets (Less) Liabilities |
then in such we should not add share application to the liabilities head.
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