| Question And Answer | |
|---|---|
| Subject: | 50D |
| Category: | Income-Tax |
| Querist: | bs |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Capital Gains, Valuation of shares |
| Date: | June 20, 2023 |
can AO reduce share valuation of unquoted shares sod u/s 50D vis a vi s one adopted by Assessee and deny 54F to that extent ?
If the valuation of shares is backed by a report of valuation as per Rule 11UA of the Income-tax Rules, 1962, the same cannot be denied by the Assessing Officer.
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EXpert may kindly look through all the inter-connected RULES , so as to self-assure and be fully convinced that the ANSWER given in safeproof to be guided by.
One point that instantly crops up in my mind: Has not the AO been given power to refer to and ask for an indpendent valution report from a DEPARTMENTAL VALUER before accepting the valuation report relied upon by taxpayer !?!
courtesy
SUGGEST strongly but sincely to look through the ongoing interaction / debate in relation to ‘FMV’, for which asseesse has been given an option to adopt-in reference to the old and new INDEXATION Tables for income-tax purposes – will you!
CRoss refer the REPLIES posted elsewhere herein itself !
^ REfer> https://itatonline.org/digest/qa/amended-law-twin-old-and-new-tables-for-cost-inflation-index/
ADMN: Will you please consider and decide to enable any one interested to post a REPLY in one-go; that is by providing facility to later EDIT own reply if so necessitated !
courtesy