Tribunal held that while valuing unquoted equity shares on 31-03 2014 , if the balance sheet was not drawn up by auditor on 31 -03 2014 , assets and labilities in balance sheet of immediately preceding year i.e 31-03 2013 should be adopted . (AY. 2014 -15)
Sadhvi Securities (P.) Ltd. v. ACIT (2019) 179 ITD 197/ (2020) 185 DTR 374 (Delhi) (Trib.)
S. 56 : Income from other sources – Valuation of unquoted equity shares on 31-3-2014- If balance sheet was not drawn up by auditor on 31-3-2014, assets and liabilities in balance sheet of immediately preceding year, i.e., 31-3-2013 should be adopted. [S.56(2)(viib) , R.11UA ]