Held \u00a0that the sale of shares to independent parties based on the valuation report, the rejection of valuation report by the AO is not proper.\u00a0 Tribunal also held that full value of consideration could not be substituted with the fair market value. Section\u00a050CA\u00a0was introduced by the\u00a0Finance Act, 2017\u00a0with effect only from assessment year 2018-19 and did not apply to the year in question. As regards\u00a0 difference between income returned and that reflected in Form 26AS the\u00a0 Assessing Officer\u00a0 is directed to\u00a0 verify and reconcile.\u00a0 (AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Sale of shares-Mode of Computation-Non-Resident corporate entity-Sale of shares to another shareholder-Independent parties-Valuation report-Disregarding agreement value between assessee and other shareholder is not justified Section 50CA which was introduced by Finance Act, 2017 with effect from 2018-19 is inapplicable to year in question-Addition is not valid-Difference between income returned and that reflected in Form 26AS-Assessing Officer is directed to verify and reconcile. [S. 48, 50CA] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51962","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dw6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51962"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51962\/revisions"}],"predecessor-version":[{"id":51963,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51962\/revisions\/51963"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}