S. 56(2)(viib): AO cannot discard assessee’s method of Share Valuation

Narang Access Pvt. Ltd. Vs DCIT (ITAT Mumbai)  In the present case the valuation done by the assessee for valuing its shares is on the basis of DCF method and the AO could not have substituted it by NAV method rather he should have arrived at another value, if any, by applying DCF method only. We also noted that the explanation and additional evidences produced before us shows that why projection has been made in that manner and have been substantiated by filing additional evidences/ papers on assessee’s paper book volume 2 at pages 1 to 78. We noted that this issue has been considering by ...