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2019 (3) TMI 1816 - AT - Income TaxAddition of share premium u/s 56(2)(viib) - income from other sources - Method of valuation of shares - assessee has adopted Rule 11UA for the purpose of valuing its shares and the share premium received - HELD THAT:- Assessee has adopted Rule 11UA for the purpose of valuing its shares and the share premium received. This is accepted method of valuation and the said method of valuation does provide for estimation. AO has adopted the NAM and for the purpose of the same has proceeded to re-value the assets of the assessee being the valuation of the land. AO has discarded the assessee’s method of DCF by holding that the actual Revenues varied from the projected Revenues for the four Assessment Years. Admittedly, when a projected value is taken, it is an estimate. The variation in the estimate is also less than 10%. Therefore, it cannot be said that the projected revenues are fabricated or manipulated. Further, the fact that the assessee has adopted a method prescribed under the Act and no error in respect of the said method has been specifically pointed out. Just because, there is a minor variation in the estimate, that method cannot be rejected. This being so, we find no reason to interfere in the order of the Ld.CIT(A) on this issue as recorded. - Decided in favour of assessee. Inordinate delay in service of the Assessment Order making the Assessment Order barred by limitation - HELD THAT:- Time limit of six months available to the AO u/s.142A to hold that the Assessment Order got time barred on 30.10.2016. The argument by the Ld.DR that 30.10.2016 was a Sunday and therefore, the Assessment Order was passed on 31.10.2016, admittedly is a valid issue and on this ground the assessment cannot be annulled as the assessment order has been allegedly passed on 31.10.2016 being the day immediately after the holiday being 30.10.2016. However, the Revenue has not been able to give any justifiable reason for the inordinate delay of nearly one and a half months for the service of the order by hand on 14.12.2016. This being so, admittedly the claim by the Revenue that the Assessment Order has been passed on 31.10.2016 itself is questionable.
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