AO Cannot Disturb Approved Share Valuation Method selected by assessee: ITAT Delhi

DCIT Vs JUS Scriptum Magnus Pvt. Ltd (ITAT Delhi) ITAT Delhi held that approved method of share valuation as selected under Rule 56(2)(viib) of the Income Tax Rules as selected by the assessee cannot be disturbed by Assessing Officer. Accordingly, appeal of revenue dismissed. Facts- The assessee company was incorporated on 06.10.2003 and is engaged in the business of publishing. AO rejected the valuation report submitted by the assessee and proceeded to adopt the NAV method and determined the fair market value at Rs.64.3 per share. Accordingly, he proceeded to make the difference between share...