https://www.taxtmi.com/caselaws?id=427923 The Tribunal set aside the CIT(A)'s order and directed the AO to delete the Rs. 89,51,365/- addition under Section 56(2)(viib) of the Income Tax Act, 1961. The Tribunal held that the valuation methods chosen by the assessee, specifically the Discounted Cash Flow (DCF) method, were valid and that the AO lacked the authority to impose a different method. The decision emphasized the assessee's right to select an approved valuation method under Rule 11UA and highlighted the retrospective application of beneficial amendments, ultimately ruling in favor of the assessee. en-us Mon, 22 Aug 2022 00:00:00 +0530 Tue, 20 Sep 2022 08:19:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427923 The Tribunal set aside the CIT(A)'s order and directed the AO to delete the Rs. 89,51,365/- addition under Section 56(2)(viib) of the Income Tax Act, 1961. The Tribunal held that the valuation methods chosen by the assessee, specifically the Discounted Cash Flow (DCF) method, were valid and that the AO lacked the authority to impose a different method. The decision emphasized the assessee's right to select an approved valuation method under Rule 11UA and highlighted the retrospective application of beneficial amendments, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 22 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427923