Affirming the order of the CIT(A) the Tribunal held that the when the assessee followed the valuation of shares as per DCF method, the Assessing Officer cannot change the valuation under net asset value. Excess premium assessed under section 56(2)(viib) was rightly deleted by the CIT(A). (AY. 2015-16)
Dy. CIT v. Avigna Housing (P) Ltd. (2021) 209 TTJ 9 (UO) (Chennai) (Trib.)
S. 56 : Income from other sources-Valuation of shares-DCF method-Assessing Officer cannot change the valuation under net asset value-Order of CIT(A) deleting the addition was affirmed. [S. 56(2)(viib), R. 11UA]