Reassessment under s.148A held valid; s.69 additions totaling Rs.7,00,000 deleted after acceptable contemporaneous explanations for property investmen...
Adjudication set aside; Rule 9 valuation based on internet engineer report quashed for Rule 3(4) non-compliance; Section 138B cross-examination requir...
The ITAT allowed the appeal of the assessee and deleted the addition under s.56(2)(viib) in respect of alleged excess share premium. The Tribunal held that the assessee validly exercised its statutory option to adopt the DCF method under Rule 11UA(2)(b) for valuation of unquoted shares, and the AO and CIT(A) lacked jurisdiction to substitute a different valuation. The Tribunal found the assessee's valuation justified and in accordance with law, set aside the impugned additions, and directed that the excess share premium be excluded from income. Appeal of the assessee is allowed.
The ITAT allowed the appeal of the assessee and deleted the addition under s.56(2)(viib) in respect of alleged excess share premium. The Tribunal held that the assessee validly exercised its statutory option to adopt the DCF method under Rule 11UA(2)(b) for valuation of unquoted shares, and the AO and CIT(A) lacked jurisdiction to substitute a different valuation. The Tribunal found the assessee's valuation justified and in accordance with law, set aside the impugned additions, and directed that the excess share premium be excluded from income. Appeal of the assessee is allowed.
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