DCF Share Valuation Accepted as AO Could Not Replace Prescribed Method with NAV

JCIT Vs Om Sons Marketing Pvt. Ltd. (ITAT Amritsar) The Revenue appealed against the order of the Commissioner of Income Tax (Appeals), Bathinda, for Assessment Year 2015-16. The principal issues before the Tribunal were whether the Commissioner (Appeals) was justified in deleting the addition made under Section 56(2)(viib) by accepting the Discounted Cash Flow (DCF) method for valuation of shares, despite the Assessing Officer’s objections to the projections used in the valuation report, and whether the deletion of the disallowance relating to interest on delayed payment of TDS/TCS was ...