{"id":779,"date":"2018-05-11T06:49:20","date_gmt":"2018-05-11T06:49:20","guid":{"rendered":"http:\/\/itatonline.org\/digest\/dcit-v-ozoneland-agro-pvt-ltd-mum-trb-www-itatonline-org\/"},"modified":"2019-04-21T09:54:13","modified_gmt":"2019-04-21T09:54:13","slug":"dcit-v-ozoneland-agro-pvt-ltd-mum-trb-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dcit-v-ozoneland-agro-pvt-ltd-mum-trb-www-itatonline-org\/","title":{"rendered":"DCIT v. Ozoneland Agro Pvt Ltd  (2018) 53 CCH 427\/ 64 ITR 6 (SN)(Mum) (Trb) www.itatonline.org"},"content":{"rendered":"<p><strong>Dismissing the appeal of the revenue the Tribunal held that ; for determining the fair market value of shares\u00a0 sold , choice of method of valuation is with the assessee. Rule 11UA allows the assessee the right to adopt the method of his choice for valuing shares (DCF, NAV etc). The AO has no jurisdiction to insist that the assessee should adopt only a particular method for determining the value of the shares. Until and unless the legislature amends the provision of the Act and prescribes only one method for valuation of shares, \u00a0the assessees are free to adopt any one method of their choice . AO\u00a0 should not deviate from earlier years\u2019 decisions without assigning any concrete and justifiable reasons. Tax determination cannot be left to whims and fancies of a person. It is a serious task and has to be accomplished in a disciplined manner. If an assessee has been allowed a certain concession in earlier year\/(s) it cannot be withdrawn in subsequent years without plausible reasons.\u00a0<\/strong>.( ITA No. 4854\/Mum\/2016, dt. 02.05.2018) (AY. 2013-14)<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.56(2)(viiib): Income from other sources \u2013 Fair market value of shares sold \u2013 Choice of method of valuation is with the assessee- AO has no jurisdiction to insist that the assessee should only a particular method for determining  the value of shares . Rule of constancy must be followed by the AO. [ R.11UA]<\/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":[1],"tags":[],"class_list":["post-779","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cz","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/779","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=779"}],"version-history":[{"count":4,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/779\/revisions"}],"predecessor-version":[{"id":5058,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/779\/revisions\/5058"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}