The AO cannot change the method of valuation of shares adopted by the assessees and the projected figures cannot be compared blindly with the actuals to state that the valuation report is not correct
In a recent ruling the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the Assessing Officer’s power is limited to overlook fairness and reasonableness of share valuation report, not to change valuation method adopted. Briefly stated, the assessee filed return of income for Assessment Year 2015-16 in question, declaring total…
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