9911796707
TMI Blog2024 (9) TMI 195X X X X Extracts X X X X X X X X Extracts X X X X ..... same, he should pass appropriate order. Assessee should be given adequate opportunity of being heard. Appeal of the assessee is allowed for statistical purposes. X X X X Extracts X X X X X X X X Extracts X X X X ..... ave failed to appreciate that under Rule 11 UA(2)(b), the option is given to the Appellant to choose the method of valuation and hence the Appellant was justified in law and on facts, in exercising 'the said option. 6. That, in view of the facts and circumstances of the case, the Assessing Officer/CIT(A) have failed to appreciate that Valuation Report dated 09.09.2014 has been prepared by a subject matter expert (Chartered Accountant) based on the projected data provided by the management as per the Management Business Plan ('MBP'). The projections are based on growth prospects/future possibilities and the AO/CIT(A) has no basis for rejecting the same. 7. That the AO/CIT(A) have both failed to appreciate that projections mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of additional evidence u/ Rule 46A moved by the Appellant, which contained MBP on the basis of which Valuation Report dated 09.09.2014 was prepared. The said rejection is without any basis and despite the fact that a remand report was called for by the CIT(A) from the AO. 12. That, in view of the facts and circumstances of the case and in law, in view of justice, the CIT(A) ought to have admitted the additional evidence once the remand report was called for from the AO. The CIT(A) accepts that the said document should have been admitted u/ Rule 46A,however, he blindly follows the observations of the AO. 13. That, in view of the facts and circumstances of the case and in law, the CIT(A) erred in not appreciating the CA Certificate dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the ld. CIT (A) are very crucial and ought to have been admitted and duly considered. Ld. Counsel for the assessee further requested that the matter may be remitted to the AO to consider additional evidences and thereafter pass an order. 7. Per contra, ld. DR for the Revenue objected to the submission of the assessee's counsel. 8. We have carefully considered the submissions and issues. In the substantial interest of justice and in our considered opinion, additional evidences need to be admitted. Hence, we direct that these additional evidences are admitted and the matter is remitted to the file of AO. AO is directed to consider the additional evidences and after duly considering the same, he should pass appropriate order. Needless to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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