15% ‘Misdirected’ Discount on NAV Shares, Rs. 8.70 Cr Addition Deleted

DCIT Vs Spectra Realities Private Limited (ITAT Mumbai) NAV Method Cannot Be Tampered -AO’s 15% Haircut Called ‘Misdirected’ – ITAT Confirms Premium as Per Valid CA Valuation – Revenue’s Rs.8.70 Cr Addition Collapses Revenue challenged deletion of addition u/s 56(2)(viib) relating to premium on Non-Cumulative Redeemable Preference Shares. Assessee had issued 22,34,700 preference shares at Rs.100 FV with Rs.220 premium, supported by valuation reports of two CAs adopting NAV method as permitted u/r 11UA(1)(c)(c). AO accepted NAV but reduced valuation by applying 15% illiquidity d...