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Tribunal Rules Against Tax Officer's Unverified Method Switch for Valuing Shares at Premium Under Income Tax Act.

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Full Text of the Document

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....Addition u/s 56(2)(viib) - issue of shares at premium - working of fair market value as per 11UA(2)(a) - The ITAT observed that Rule 11UA(2) provides an option to the company to select any method for determining the valuation of unquoted equity shares. The AO's action to shift from the DCF method to the ALV method without verifying the correctness of the projected figures was found not tenable.....

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