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The ITAT upheld the limited scrutiny jurisdiction of the AO, confirming that examination of capital gains and capital loss transactions, including share valuation, fell within the scope of the assessment. The Tribunal rejected the AO's enhancement of long-term and short-term capital gains based on an inflated share value of INR 180 per share, finding the valuation contrary to the statutory provisions under section 50CA read with Rule 11UA(1). The valuation report by the merchant banker, which adopted the stamp duty value of immovable property as mandated, was accepted as correct. Consequently, additions made by the AO on share valuation were deleted, and grounds 2 to 9 raised by the assessee were allowed. However, the Tribunal directed the AO to levy interest under sections 234A and 234B mandatorily, post compliance with the order.
The ITAT upheld the limited scrutiny jurisdiction of the AO, confirming that examination of capital gains and capital loss transactions, including share valuation, fell within the scope of the assessment. The Tribunal rejected the AO's enhancement of long-term and short-term capital gains based on an inflated share value of INR 180 per share, finding the valuation contrary to the statutory provisions under section 50CA read with Rule 11UA(1). The valuation report by the merchant banker, which adopted the stamp duty value of immovable property as mandated, was accepted as correct. Consequently, additions made by the AO on share valuation were deleted, and grounds 2 to 9 raised by the assessee were allowed. However, the Tribunal directed the AO to levy interest under sections 234A and 234B mandatorily, post compliance with the order.
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