Allowing the appeal of the assesee the Tribunal held that ,the assessee has the option to determine the fair market value of shares either under the DCF method or the NAV method. The assessee’s choice is binding on the AO. While the AO can scrutinize the working, he cannot discard the assessee’s method and substitute another method (Vodafone M-Pesa Ltd vs. PCIT [2018] 92 taxmann.com 73 (Bom) referred) followed Rameshwaram Strong Glass (P) Ltd v ITO (2018) 172 ITD 571 (Jaipur ) (Trib) DCIT v OZoneland Agro Pvt Ltd (Mum) (Trib)www.itatonline.org Medplus Health v ITO ( ITA No 871 /Hyd /2015 , Regal Builtech Pvt Ltd v ACIT ( 7505/ Del/ 2018). ( ITA No. 3521/Mum/2018, dt. 22.08.2019)(AY. 2013-14)
Narag Access Pvt. Ltd. v. DCIT (Mum)(Trib), www.itatonline.org
S. 56 : Income from other sources – The assessee has the option to determine the fair market value of shares either under the Discounted cash Flow ( DCF) method or the Net Asset Valuation ( NAV) method. [56(2)(viib ), R. 11UA ]