9911796707
TMI Blog2024 (4) TMI 341X X X X Extracts X X X X X X X X Extracts X X X X ..... PER RAJESH KUMAR, AM: This is an appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi (hereinafter referred to as the Ld. CIT(A)"] dated 13.07.2023 for the AY 2014-15. 2. The assessee has challenged the order of Ld. CIT(A) on single issue that the Ld. CIT(A) has earned in fact and law in upholding the assessment order wherein the AO has m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as tried to substantiate the valuation of the shares as per clause (b) of Section 56(2)(viib) of the Act. The AO observed on the basis of said reply that fair market value of unquoted shares has not been determined by a merchant banker or by accountant as per the discounted free cash flow method and noted that the valuation of fair market value of the shares was done by the Govt. registered valuer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d shares 12000 equity shares at a premium of Rs. 400/- with face value of 10 each. In order to calculate fair market value of equity shares, the assessee obtained valuation report from Sanjib Kr. Roy, Charted Engineer empanelled with the department under registration no. CCIT/Jal/Cat-1/01/2006. We note that the said registered valuer considered the movable as well as immovable properties of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was much higher. We also note that the AO has not referred the issue to valuation expert and therefore the said act of AO is not acceptable as the assessee has furnished valuation before the AO which was done by registered valuer. The valuer is also registered with the Department as valuer. While contrary to this even the immovable properties were valued at book value by the AO which is blatantl ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
