AO Cannot Force NAV Method Over DCF Chosen by Assessee Under Rule 11UA

Advertisement Geomysore Services (India) Private Limited Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) disposed of two appeals filed by the assessee for Assessment Years 2017-18 and 2018-19 involving additions made under Section 56(2)(viib) of the Income-tax Act, 1961 on account of alleged excess share premium. For Assessment Year 2017-18, the assessee, a private limited company engaged in mineral exploration activities principally for gold in southern India, had issued 92,090 equity shares at a premium in two tranches, raising total consideration of ₹12,12,54,726. The asse...