FMV of shares cannot be determined based on circle rate of property

ITO Vs Malibu Estate Dispensary Pvt. Ltd (ITAT Delhi) Briefly stated the facts of the case are that the assessee company is under taking construction of dispensary/ hospital at Gurgaon. During the year under consideration the assessee introduced share capital/ share premium in respect of total number of shares allotted at 152816 with face value of Rs.1428160/- and premium of Rs.69979840/-. The share premium was @ 490 per share. During the course of the scrutiny assessment proceedings and on perusal of the financial statements the AO learned that the NAV of shares was Rs. 10 as per rule 11 UA o...