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The ITAT considered an appeal regarding addition u/s 56(2)(viib) concerning the valuation of preference shares. The Assessee lacked a valuation report supporting the method used to determine the value of preference shares. The Tribunal held that unquoted redeemable preference shares should be valued u/s 11UA(1)(c)(c) with a mandatory merchant banker or accountant's report. The AO erred in applying the wrong rule. Valuation reports are considered statutory evidence and must be presumed correct unless proven otherwise. The burden is on the AO to rebut the report with evidence of incorrect facts or methodology. The CIT(A) found the valuation report sufficient, dismissing the Revenue's appeal.
The ITAT considered an appeal regarding addition u/s 56(2)(viib) concerning the valuation of preference shares. The Assessee lacked a valuation report supporting the method used to determine the value of preference shares. The Tribunal held that unquoted redeemable preference shares should be valued u/s 11UA(1)(c)(c) with a mandatory merchant banker or accountant's report. The AO erred in applying the wrong rule. Valuation reports are considered statutory evidence and must be presumed correct unless proven otherwise. The burden is on the AO to rebut the report with evidence of incorrect facts or methodology. The CIT(A) found the valuation report sufficient, dismissing the Revenue's appeal.
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