Issue of Share at a premium: AO cannot change valuation method

Signure Technologies Pvt. Ltd. Vs ACIT (ITAT Bangalore) In the present case, as per Assessment Order, the AO for making the addition in dispute has adopted fair market value of the unquoted shares issued by the assessee at premium whereas the assessee had opted for DCF method. in Assessment Order AO has discussed about the valuation report submitted by learned AR of the assessee in which the share market value has been determined at Rs.899.62/- per share and it is also noted that in the valuation report, the valuer has adopted discounted cash flow statement which is governed by a formula noted...