Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
ITAT allowed the appeal and remanded the case for reassessment. The Tribunal found procedural irregularities in the assessment order, specifically noting that the Assessing Officer (AO) did not provide the assessee an opportunity to submit a Valuation Report from a Merchant Banker using Discounted Cash Flow (DCF) method. The Tribunal directed the assessee to procure a fresh Valuation Report compliant with Rule 11UA of Income Tax Rules, 1962, and instructed the CIT(A) to review the report, obtain a remand report from AO, and provide reasonable hearing opportunity to the assessee before making a final determination on the share premium addition under Section 56(2)(viib).
ITAT allowed the appeal and remanded the case for reassessment. The Tribunal found procedural irregularities in the assessment order, specifically noting that the Assessing Officer (AO) did not provide the assessee an opportunity to submit a Valuation Report from a Merchant Banker using Discounted Cash Flow (DCF) method. The Tribunal directed the assessee to procure a fresh Valuation Report compliant with Rule 11UA of Income Tax Rules, 1962, and instructed the CIT(A) to review the report, obtain a remand report from AO, and provide reasonable hearing opportunity to the assessee before making a final determination on the share premium addition under Section 56(2)(viib).
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