ITAT Deletes Section 56(2)(viib) Addition as AO Changed Valuation Method Contrary to Rule 11UA

PRL Developers Private Limited Vs ACIT Circle (ITAT Mumbai) ITAT Allows 60% Depreciation on Computer Software by Following Earlier Decision; Sales Promotion Expenses Allowed as ITAT Holds AS-7 Inapplicable to Real Estate Developer; Share Premium Addition Deleted Because AO Could Not Substitute Assessee’s Valuation Method; ITAT Deletes Multiple Additions After Finding Depreciation, Sales Expenses and Share Valuation Claims Sustainable. The assessee filed an appeal against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2016-17 arising from an assessment complet...