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of <h1>Reopening of assessment and share valuation Special Leave Petition dismissed for inordinate delay; valuation to follow prescribed tax valuation route</h1> Validity of reopening of assessment concerned valuation of shares and procedural compliance; the applicable valuation must follow the prescribed valuation ... Validity of reopening of assessment - valuation of share - delay of 366 days in filing this Special Leave Petition As decided by HC [2024 (9) TMI 1860 - DELHI HIGH COURT] issue of valuation, if liable to be undertaken, had to follow the route as prescribed by Section 56(2)(vii)(c) of the Act read along with Rule 11UA of the Income Tax Rules, 1962. It was additionally found that the market value of the shares was in in any case found to be negative and far below the value which was paid by the respondent-assessee. WP allowed. HELD THAT:- No plausible and bona fide explanation to condone this inordinate delay. Special Leave Petition is, accordingly, dismissed on the ground of delay. Outcome: Special Leave Petition dismissed on the ground of delay.
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