Intrinsic value of shares is a reasonable method of ascertaining fair market value of shares

Sushiladevi R Somani Vs ACIT (ITAT Mumbai)

ITAT find that there is no dispute that the shares were acquired before 1^st April 1981 and that the assessee had the option to substitute its cost of acquisition by the fair market value as on 1^st April 1981. The assessee has filed a Government Approved Valuer report evidencing its fair market value of the land held by the SCPL, and, taking into account the same, computation of the fair market value as on 1^st April 1981 on the basis of the intrinsic

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