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Sec. 56(2)(viib) Assessee can adopt a method of his choice to determine FMV of shares transferred
Case Law Details
- Case Name
- DCIT Vs M/s. Ozoneland Agro Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs M/s. Ozoneland Agro Pvt.Ltd. (ITAT Mumbai)
Assessee had issued 1941 equity shares to SPL at premium of Rs.25,749/- per share,that face value of the share was Rs.10/- ,that the assessee had received total share premium of Rs.4.99 crores from an unrelated party,that the share premium was charged on the basis of a valuation report wherein the shares were valued as per the DCF method,that in earlier year the AO had accepted the similar valuation,that the assessee had also carried out project analysis by an Estate Consultant Firm,that the AO held that NAV method of valuation was to adopted ...
IMPROMPTU
“FMV” – as a concept, and its determination, – as applied to not just ‘shares’ but to property of any kind, or right in, – is the most dicey /dubious of all, by reason of being highly subjective ; as such, not, in the very nature of things, and by any logic or reasoning, amenable to a satisfactory ans acceptable for any purpose. That has proved to be so always , never otherwise !
For the latest innovative ideas incessantly conceived of by the North Block, and brought on the statute book, suggest to mindfully and consciously go through every other concept , directly or indirectly related /interconnected. One such Instance: CHAPTER X-A (of IT Act- Sec 95 to 102 – containing the dreadful GA-AR)
Cross Refer :Previous on topics of, – besides GA-AR – “Transfer Pricing”, “Related Party”, “Indirect Transfer” et – al.