Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (7) TMI 128 - AT - Income TaxAddition u/s. 56[2] [viib] - method for valuation of the shares - equity and preference shares allotted by assessee to various residents at a premium of ₹ 800 per share - Discounted Cash Flow [DCF] method for valuation of the shares as per assessee v/s net asset method prescribed under Rule 11UA(1)(c)(b) as per revenue - HELD THAT:- As decided in M/S. VBHC VALUE HOMES PVT. LTD., M/S. VBHC VALUE HOMES PVT. LTD.[2020 (6) TMI 318 - ITAT BANGALORE] it is seen that the Tribunal has followed the judgment of Hon’ble Bombay High Court rendered in the case of VODAFONE M-PESA LIMITED VERSUS PRINCIPAL COMMISSIONER OF INCOME-TAX AND 6 OTHERS [2018 (3) TMI 530 - BOMBAY HIGH COURT] and restored the matter back to the file of the AO for a fresh decision with some directions that AO should follow DCF method only and he cannot change the method opted by the assessee as has been held by the Hon’ble Bombay High Court. Grounds raised by the assessee are allowed for statistical purposes.
|