Rejection of valuation as DCF method was not there in rule 11UA on date of issue of shares unjustified

ACIT Vs Etawah Chakeri (ITAT Delhi) ITAT Delhi held that rejection of valuation merely on the ground that on the date of issue of shares, DCF method was not there in Rule 11UA of the ITAT Rules is unjustified in as much as AO failed to demonstrate that methodology adopted by the assessee was not correct. Facts- The present appeal is preferred by the revenue contesting that CIT(A) has erred in deleting the addition of Rs.90 crores made by the Assessing Officer u/s 56(2)(viib) r.w.s 2(24)(xvi) of the Income-tax Act, 1961. Notably, AO found that the assessee has issued 51 lakh shares on 29.8.2012...