Section 56(2)(vii)(c) (ii) and in terms of Rule 11UA of the Income Tax
Rules is plainly erroneous and cannot be the basis ... application of Section 56(2)(vii)(c)(ii) read with Rule 11UA to the present case is
deeply flawed for multifarious reasons. It is stated
calculated based on the formula stipulated under Rule
11U and 11UA of the Income Tax Rule 1962 which has
not been carried ... Assessment order erroneous. Upon
applying the formula under Rule 11U and 11UA of the
Rules, the valuation of the shares come to only
viib) of the Income Tax
Act, 19615 read along with Rule 11UA of the Income Tax Rules,
19626. The issue of valuation had arisen ... 2016 wherein you
have submitted certificate of valuation of shares under rule 11UA.
5
Act
6
Rules
7
DCF Method
ITA 1385/2018
Signature
provisions of section
56(2)(viib) of the Act and Rule 11UA(2) of
the Income Tax Rules,1962 to submit that ... rule (2) of Rule 11UA of the
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share by the
respondent/assessee, had taken recourse to Rule 11UA of the Income Tax
Rules, 1962 [in short, "1962 Rules"] as applicable ... share, albeit, by
taking into account Rule 11UA of 1962 Rules, which was operable on the
date when the order was passed.
9. The difference
assessee for achieving the
projections made in the report as per Section 11UA. Hence the
share premium received is without any substantial basis ... debenture.
In order to achieve the revenue projected in the 11UA report, it is
obvious that the investment should have been made
provisions of Section
56(2)(viib) of the Act read with Rule 11UA(2) of the Income Tax Rules, 1957
(hereinafter referred ... assessee adopted the DCF method as available to it
under Rule 11UA of the Rules for arriving at the value of the shares allotted
shall not be used for any other purpose. For
better appreciation, Rule 11UA of the Rules of the IT Act is extracted
hereunder ... first respondent has to independently arrive the valuation of
shares under Rule 11UA of the Rules of IT Act.
15. In the counter filed
value of fair market value of
shares as per Rule 11U and 11UA of the IT Rules, 1962?
3. Whether ITAT is right to rely ... value of fair market value of
shares as per Rule 11U and 11UA of the IT Rules, 1962?
3. Whether ITAT is right to rely
follows:-
"16. In our considered opinion, the language of rule 11UA(2)
indubitably places a choice upon the assessee to either follow the
route ... conjoint reading of section
56(2) (viib) read along with rule 11UA(2), the option and the
choice stands vested solely in the hands
