AO cannot change Valuation Method of Shares to Tax Share Premium

Fortigo Network Logistics Pvt. Ltd. Vs ACIT (ITAT Bangalore) In the instant case, both the additions, i.e., addition made u/s 56(2)(viib) of the Act and sec.68 of the Act relate to the share premium amount, i.e., both the additions arise out of common issue only. The assessee has also filed certain additional evidences. We earlier noticed that the assessee had adopted DCF method for valuing the shares, while the AO has adopted NAV method. In view of the decision rendered by co-ordinate bench in the case of Futura Business Solutions (P) Ltd (2020) (117 taxmann.com 567) (Bang.), which in turn ha...