3P Technologies India Pvt. Ltd. vs ITO

Authority: ITAT Tribunal/Court: Bangalore Date: 2021-08-25 AY: 2016-17 Section: 56(2)(viib), 56, 11UA Acts: Income Tax Act 1961, Income Tax Rules (specifically Rule 11UA) Result: Assessee Citation: 821Taxpundit1043 Justices: George George K, JM & B.R.Baskaran, AM Appeal No: ITA No.238/Bang/2020
Whether the Assessing Officer (AO) can change the method of valuation (from DCF to NAV) adopted by the assessee for determining share premium under section 56(2)(viib) of the Income Tax Act, 1961? --- Held: No. The AO cannot change the method of valuation opted by the assessee; he must scrutinize the valuation report under the DCF method and, if dissatisfied, determine a fresh valuation based on the DCF method only.

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