Allowing the appeal of the assessee the Tribunal held that , the valuation of shares should be made on the basis of various factors and not merely on the basis of financials. The substantiation of the fair market value on the basis of the valuation done by the assessee simply cannot be rejected where the assessee has demonstrated with evidence that the fair market value of the asset is much more than the value shown in the balance sheet. (ITA No.7262/Del/2017, dt. 27.09.2019) (AY. 2014-15)
India Convention and Culture Centre Pvt. Ltd. v. ITO ( 2019) 75 ITR 538(Delhi)(Trib), www.itatonline.org
S. 56 : Income from other sources – Valuation of shares- substantiation of the fair market value on the basis of the valuation done by the assessee simply cannot be rejected where the assessee has demonstrated with evidence that the fair market value of the asset is much more than the value shown in the balance sheet. [ S.56(2) (viib) , R.11UA ]