AO can’t change method adopted by assessee while doing fresh valuation of shares to make additions u/s 56(2)(viib): ITAT

INCOME TAX : Where Assessing Officer made additions under section 56(2)(viib) after fresh valuation of shares adopting different method (NAV) from that adopted by assessee (DCF method), since Assessing Officer was entitled to scrutinize valuation report and determine fresh valuation but without changing method of valuation opted by assessee, impugned addition was to be set asideINCOME TAX : Where Assessing Officer made additions under section 56(2)(viib) after fresh valuation of shares adopting different method (NAV) from that adopted by assessee (DCF method), since Assessing Officer was entitled to scrutinize valuation report and determine fresh valuation but without changing method of valuation opted by assessee, impugned addition was to be set asidewww.taxmann.com Latest Case LawsRead More

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