Holding company can rework value of investment held in subsidiary company: ITAT Delhi

Leela Tourism and Heritage Pvt Ltd Vs ACIT (ITAT Delhi) ITAT Delhi held that holding company can adopt FMV of the asset held by subsidiary company and rework value of investment held in subsidiary company, such approach is not contract to section 56(2)(viib) of the Income Tax Act. Facts- The Assessee is a Holding Company of an overseas 100% foreign subsidiary (through SPV), wherein an immovable property in the form of Hotel Apartment Building is situated abroad. The assessee had issued its Equity Shares based on valuation of its Shares following the then Rule 11UA(1)(c)(b) of Income Tax Rules...