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Pune ITAT Deletes ₹44.80 Crore Angel Tax Addition; AO Cannot Replace Assessee’s DCF Valuation with NAV Method
Case Law Details
- Case Name
- Jet Synthesys Private Limited Vs ACIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
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Jet Synthesys Private Limited Vs ACIT (ITAT Pune)
Pune ITAT Deletes ₹44.80 Crore Angel Tax Addition; AO Cannot Replace Assessee’s DCF Valuation with NAV Method
In a major ruling on Section 56(2)(viib), the Pune ITAT deleted an addition of ₹44.80 crore made towards share premium, holding that once an assessee validly opts for the Discounted Cash Flow (DCF) method under Rule 11UA, the Assessing Officer cannot discard that method and substitute it with the Net Asset Value (NAV) method merely because he disagrees with the valuation.
The assessee, Jet Synthesys Pvt. Ltd., had issued 2 lakh eq...
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