NAV method is one of recognized methods provided in rule 11UA of Income Tax Rules

CNR Leading Softek Pvt Ltd Vs ITO (ITAT Delhi) ITAT Delhi held that NAV method adopted by the assessee is one of the recognized methods provided in rule 11UA of the Rules. Accordingly, the addition made u/s. 56(2)(viib) of the Act, is hereby directed to be deleted. Facts-The assessee is engaged in the business of software development, market research and public opinion polling, business and management consultancy etc. The assessee issued 50 lakhs shares of Rs. 20 per share comprising face value of Rs. 10 and share premium of Rs. 10. However during the under consideration, the assessee has rece...