AO cannot challenge or change method of valuation opted by assessee as per his whims & fancies

Nabh Multitrade Pvt. Ltd. Vs ITO (ITAT Jaipur) There is no dispute that during previous year relevant to assessment year under consideration the assessee issued 37,500 equity shares of Rs. 10/- each for a price of Rs. 200/- each which includes the share premium of Rs. 190/- per share. To substantiate the value of equity shares, the assessee filed the Valuation Report whereby the Registered Valuer has determined the value of the shares at Rs. 230/-per share. The sole controversy is around the value of the land being the asset of the assessee company which was acquired by the assessee at Rs. 1,3...