NFAC deletion of ₹52.68 Cr addition u/s 50CA on start-up share transfer upheld by Tribunal

JCIT Vs Manish Vij (ITAT Delhi) Delhi Tribunal, examined Revenue’s challenge against the NFAC order deleting an addition of ₹52.68 crore made by AO by invoking Section 50CA on sale of unlisted shares of Cashgrail Pvt Ltd (CGPL). Assessee had sold 801 shares on 22.04.2021 at ₹54,960 per share based on a Rule 11UA NAV valuation report dated 20.04.2021 issued by Independent Chartered Accountants. Subsequently, after substantial fund-raising by CGPL from venture capital & foreign investors, assessee sold 595 shares on 15.02.2022 at ₹7,29,938 per share based on a DCF valuation report da...