2024 (4) TMI 341

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.... B. K. Singh, JCIT, Sr. D.R ORDER PER RAJESH KUMAR, AM: This is an appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi (hereinafter referred to as the Ld. CIT(A)"] dated 13.07.2023 for the AY 2014-15. 2. The assessee has challenged the order of Ld. CIT(A) on single issue that the Ld. CIT(A) has earned in fact and law in upholdi....

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....s replied on 14.12.2016 wherein the assessee has tried to substantiate the valuation of the shares as per clause (b) of Section 56(2)(viib) of the Act. The AO observed on the basis of said reply that fair market value of unquoted shares has not been determined by a merchant banker or by accountant as per the discounted free cash flow method and noted that the valuation of fair market value of the ....

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....ial on record, we find that the assessee has issued shares 12000 equity shares at a premium of Rs. 400/- with face value of 10 each. In order to calculate fair market value of equity shares, the assessee obtained valuation report from Sanjib Kr. Roy, Charted Engineer empanelled with the department under registration no. CCIT/Jal/Cat-1/01/2006. We note that the said registered valuer considered the....

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....e whereas the fair market value of the equity share was much higher. We also note that the AO has not referred the issue to valuation expert and therefore the said act of AO is not acceptable as the assessee has furnished valuation before the AO which was done by registered valuer. The valuer is also registered with the Department as valuer. While contrary to this even the immovable properties wer....