AO cannot reject selection & valuation methods adopted by taxpayer

GSE Commerce Private Ltd. Vs ACIT (ITAT Bangalore) The A.O. was of the view that the shares of the company have been over valued and accordingly asked the assessee to justify the valuation. After considering the explanations of the assessee, the A.O. took the view that the valuation report has been prepared on the basis of information and data provided by the management of the assessee company and the Chartered Accountant has not carried out any independent verification. The A.O. also took the view that the projections and estimations made by the management are not realistic and they do not ha...