AO not authorised to replace sale consideration with fair market value by adding prospective benefits

Brief of the Case ITAT Delhi held In the case of ACIT vs. Smt. Divya Jain that the adoption of Fair Market Value of share in lieu of value of sale consideration as declared by the assessee is not valid . There is no provision under the law to include prospective benefit in the ambit of the word “income”. Accordingly order of CIT (A) is being upheld. Facts of the Case The return of income for AY 2008-09 was filed on 29.9.2009 declaring total income at Rs.11,39,98,430/-. The case was selected for scrutiny on CASS and assessment proceedings was initiated so as to complete assessment u...