Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
ITAT upheld the appellate authority's decision and dismissed the Revenue's appeal, holding that once the assessee validly elected an approved valuation methodology under Rule 11UA/section 56(2)(viib) (here, the DCF/DFC F method), the Assessing Officer lacked jurisdiction to substitute an alternative approved method (NAV) or re-determine fair market value. The Tribunal found the AO's rejection of the registered valuer's DCF-based valuation and his comparison of projected figures with subsequent actuals impermissible, recognising valuation as a technical exercise for experts and noting investor acceptance of the valuation supported its reasonableness. Consequently the CIT(A)'s findings were affirmed and the addition was deleted.
ITAT upheld the appellate authority's decision and dismissed the Revenue's appeal, holding that once the assessee validly elected an approved valuation methodology under Rule 11UA/section 56(2)(viib) (here, the DCF/DFC F method), the Assessing Officer lacked jurisdiction to substitute an alternative approved method (NAV) or re-determine fair market value. The Tribunal found the AO's rejection of the registered valuer's DCF-based valuation and his comparison of projected figures with subsequent actuals impermissible, recognising valuation as a technical exercise for experts and noting investor acceptance of the valuation supported its reasonableness. Consequently the CIT(A)'s findings were affirmed and the addition was deleted.
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