https://www.taxtmi.com/caselaws?id=311722 The ITAT Mumbai held that the AO was not justified in substituting the assessee's declared sale consideration of Rs.7,094/- per share with Rs.14,361/- per share for capital gains computation. The tribunal found that since the full value of consideration received (Rs.7,094/-) exceeded the FMV under Net Asset Value method (negative Rs.630.29), there was no legal basis to alter the declared consideration. The AO's rejection of Rule 11UAA valuation was deemed improper, as no provision except section 50CA permits substitution of declared consideration. The tribunal directed the AO to accept the assessee's declared consideration and recompute capital gains accordingly, deciding in favor of the assessee. en-us Wed, 30 Aug 2023 00:00:00 +0530 Wed, 10 Jan 2024 09:21:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311722 The ITAT Mumbai held that the AO was not justified in substituting the assessee's declared sale consideration of Rs.7,094/- per share with Rs.14,361/- per share for capital gains computation. The tribunal found that since the full value of consideration received (Rs.7,094/-) exceeded the FMV under Net Asset Value method (negative Rs.630.29), there was no legal basis to alter the declared consideration. The AO's rejection of Rule 11UAA valuation was deemed improper, as no provision except section 50CA permits substitution of declared consideration. The tribunal directed the AO to accept the assessee's declared consideration and recompute capital gains accordingly, deciding in favor of the assessee. Case-Laws Income Tax Wed, 30 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311722