Section 56(2)(viib) AO cannot change DCF method adopted by assessee

I-Exceed Technology Solutions Pvt. Ltd. Vs ITO (ITAT Bangalore)

The provisions of Rule 11UA(2)(b) of the Rules provides that, the Assessee can adopt the fair market value as per the above two methods and the choice of method is that of the Assessee. The Tribunal has followed the judgment of Hon’ble Bombay High Court rendered in the case of Vodafone M-Pesa Ltd., Vs. Pr. CIT (supra) and has taken the view that the AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by callin

Please become a Premium member. If you are already a Premium member, login here to access the full content.