AO could not insist on Any particular method for Valuation of shares

DCIT Vs Ozoneland Agro (P) Ltd. (ITAT Mumbai) In this AO had ‘tampered’ with provisions of the Act. It was beyond jurisdiction of AO to insist upon a particular system, which especially allows assessee to choose one of the two methods. Until and unless legislature amends provision of the Act and prescribes only one method for valuation of the shares, the assessees were free to adopt any one of methods. Therefore, order of the FAA does not suffer from any factual or legal infirmity. AO should have given some reasons for not accepting valuation for the year under consideration, where...