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2016 (8) TMI 1361 - AT - Income TaxValuation of shares held - valued at DCF method - transaction was between Associate Enterprises - Held that:- at the initial stage, the share was valued at Net Asset Value method and Profit Earning Capacity Value method. Ultimately, the share was valued at DCF method. When the Assessing Officer valued the shares by following DCF method, this Tribunal is of the considered opinion that the assessee cannot have any grievance at all. Tribunal accepted the valuation made by the assessee under DCF method. The valuation made for assessment year 2007-08 in respect of VIHI cannot be adopted for the assessment year 2013-14 when the assessee transferred the same. Due to time gap, the fluctuation in the market rate and value of capital asset of the company have to be taken into consideration for the purpose of valuing the shares under DCF method. Therefore, the valuation made for the assessment year 2007-08 cannot be the same for assessment year 2013-14. Since the Assessing Officer has followed DCF method, this Tribunal is of the considered opinion that the CIT(Appeals) has rightly confirmed the order of the Assessing Officer. Reopening of assessment - Held that:- Even though no original assessment was made, for the purpose of assessing the taxable income, the Assessing Officer can always reopen the assessment under Section 147 of the Act. Therefore, merely because no assessment was made originally that cannot be a reason to find fault with the Assessing Officer for reopening the assessment. Levy of interest under Section 234A - Return of income was filed after the due date prescribed - Held that:- Since the exact date of filing of return of income is not available on record, this Tribunal is of the considered opinion that the matter needs to be reconsidered by the Assessing Officer for ascertaining the exact date on which the return of income was filed. Accordingly, the issue of levy of interest under section 234A of the Act is remitted back to the file of the Assessing Officer.
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