https://www.taxtmi.com/caselaws?id=759197 ITAT Delhi allowed assessee's rectification application under section 254, modifying the fair market value of shares from Rs. 131.86 to Rs. 70.59 per share for capital gains computation. The Tribunal found the original Department workings contained fallacies as they were not in accordance with Rule 11UA of Income Tax Rules, 1962. The Tribunal noted it had always intended to adopt Rule 11UA methodology using NAV method, and the same shares were valued at Rs. 70.59 in spouse's case using proper Rule 11UA calculations. The rectification was deemed an arithmetical correction of mistake apparent from record. en-us Fri, 23 Aug 2024 00:00:00 +0530 Wed, 25 Sep 2024 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759197 ITAT Delhi allowed assessee's rectification application under section 254, modifying the fair market value of shares from Rs. 131.86 to Rs. 70.59 per share for capital gains computation. The Tribunal found the original Department workings contained fallacies as they were not in accordance with Rule 11UA of Income Tax Rules, 1962. The Tribunal noted it had always intended to adopt Rule 11UA methodology using NAV method, and the same shares were valued at Rs. 70.59 in spouse's case using proper Rule 11UA calculations. The rectification was deemed an arithmetical correction of mistake apparent from record. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759197