TaxTMI 
TaxTMI 
2018 (8) TMI 1198
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....s an appeal by the assessee against the order dated 09.03.2018 of the CIT(Appeals). Bengaluru-6, Bengaluru relating to assessment year 2014-15. 2. The assessee is a private limited company. The assessee was incorporated on 4th December, 2012. The assessee is a Software Company engaged in the business of technology service and platform organization. The assessee provides services in Application De....
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....pany also allotted 35,64,516 Shares of Rs. 1/- each to one M/s. Nature Eco Ventures at Rs. 2.81 per share including premium of Rs. 1.81/- per share. From this allotment, the assessee received premium of Rs. 64,35,484/-. The allottee is a totally independent entity. This allotment was based on a valuation report given by an independent valuer. As per the valuation report, the value of the share was....
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....he projected figures; (d) growth rate is taken as 5.17% have no factual basis: (e) the report is justified based on the details given by the management. 7. Aggrieved by the above, the assessee filed appeal before the CIT(Appeals). 8. Before the CIT(Appeals), the assessee filed written submissions on 06.03.2018. In the said written submissions, the assessee has explained in paras 12 to 23 as ....
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....et value and not a fair market value. The subsequent financial results of the appellant only confirm the observations of the AO. Therefore addition made is sustained." 9. The ld. counsel for the assessee submitted that the assessee has filed another submission substantiating as to how the DCF method was the most appropriate method for valuation of equity shares in the case of assessee. His submi....