https://www.taxtmi.com/caselaws?id=756920 ITAT Bangalore ruled in favor of the assessee regarding addition under section 56(2)(viib) for share valuation. The AO improperly changed the valuation method from DCF to NAV, exceeding jurisdiction as assessees have the right to choose prescribed methods. The AO can only scrutinize the chosen method's working, not substitute it entirely. The tribunal found the share price of Rs. 13.94 was validated through an independent transaction between parties and complied with FEMA/RBI requirements. The addition was deleted and CIT(A)'s order was set aside. en-us Thu, 25 Jul 2024 00:00:00 +0530 Sat, 10 Aug 2024 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756920 ITAT Bangalore ruled in favor of the assessee regarding addition under section 56(2)(viib) for share valuation. The AO improperly changed the valuation method from DCF to NAV, exceeding jurisdiction as assessees have the right to choose prescribed methods. The AO can only scrutinize the chosen method's working, not substitute it entirely. The tribunal found the share price of Rs. 13.94 was validated through an independent transaction between parties and complied with FEMA/RBI requirements. The addition was deleted and CIT(A)'s order was set aside. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756920