AO cannot change Share Valuation Method Opted by Assessee in Return

IBS Fintech India Pvt. Ltd Vs ITO (ITAT Bangalore) The issue under consideration is whether AO in invoking section 56(2)(viib) of the Act and taxing the share premium under the said provisions? ITAT states that As per the judgment of Hon’ble Bombay High Court the AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by calling a final determination from an independent valuer to confront the assessee. But the basis has to be DCF method and he cannot change the method of valuation which has been opted by the assessee. Respectfully following thi...