https://www.taxtmi.com/caselaws?id=308942 The ITAT Mumbai ruled in favor of the appellant, directing the Assessing Officer to adopt the fair market value of shares at Rs 3,833 per share as computed by the appellant. The judgment highlighted the significance of intrinsic value in closely held private companies for fair market valuation, rejecting the Assessing Officer's decision and the CIT(A)'s confirmation. The appellant's valuation method was deemed appropriate, granting relief to the assessee for the assessment year 2012-13 under the Income Tax Act, 1961. The issue of non-reference to the Valuation Officer was dismissed as inconsequential. en-us Fri, 26 Aug 2022 00:00:00 +0530 Wed, 02 Aug 2023 21:18:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308942 The ITAT Mumbai ruled in favor of the appellant, directing the Assessing Officer to adopt the fair market value of shares at Rs 3,833 per share as computed by the appellant. The judgment highlighted the significance of intrinsic value in closely held private companies for fair market valuation, rejecting the Assessing Officer's decision and the CIT(A)'s confirmation. The appellant's valuation method was deemed appropriate, granting relief to the assessee for the assessment year 2012-13 under the Income Tax Act, 1961. The issue of non-reference to the Valuation Officer was dismissed as inconsequential. Case-Laws Income Tax Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308942