assessee and has
adopted net asset method, as prescribed under Rule 11UA(2)
to determine value of shares. Further, as per net asset value
method ... 1075 lakhs as on 31/3/12. As per
Rule 11UA(2) of the IT Rule 1962, the book value of the
assets have
learned officer has erred in
referring to the provisions of Rule 11UA(1)(c)(c) instead of Rule 11UA(2) where
the law has specifically ... accountant" and "merchant banker" for the purpose
of Rule 11UA has been specifically defined under Rule 11U to include a
Chartered Accountant
ascertained in the manner as prescribed in Rule 11UA
Income Tax Rules, 1962 (herein after 'the Rules') and that no other
method ... Power
was commensurate with their respective FMVs computed in terms of Rule
11UA(1). The assessee also furnished valuation certificate dated
06.07.2020 obtained
Assessing Officer proceeded to compute fair market value
as provided under Rule 11UA of the Income Tax Rules, 1962, which is
reflecting in page ... fair market value as
determined by the Assessing Officer by following Rule 11UA of the IT
Rules at ₹.63.47. The assessee challenged the action
assesee rather than valuation done by the
Assessing Officer(AO) under Rule 11UA of the Income
tax Rules, for calculation of Fair Market Value ... made on the basis of valuation report obtained from
Accountant under Rule 11UA, as per which Accountant has arrived
3
ITA No.521/Chny/2019
properly appreciated the sub-rule 4A of Rule 11UA
of the Income Tax Rules, which is applicable retrospectively with
effect from 01.04.2003 as held ... proceedings has called for
particulars including the valuation of shares under Rule 11UA in the
notice
when computed under the Net Asset value method as
prescribed under Rule 11UA of the Income Tax Rules, 1962 is less than the
buyback price ... less than its fair market value (FMV)
(determined in accordance with Rule 11UA of the Income Tax Rules, 1962), then
when computed under the Net Asset value method as
prescribed under Rule 11UA of the Income Tax Rules, 1962 is less than the
buyback price ... less than its fair market value (FMV)
(determined in accordance with Rule 11UA of the Income Tax Rules, 1962), then
methods for valuation of shares prescribed under the
Act as per Rule 11UA and the assumptions made for the purpose of
projections and valuation thereof ... accountant" (i) for the purposes of sub-rule (2) of rule 11UA,
means a fellow of the Institute of Chartered Accountants of India within
methods for valuation of shares prescribed under the
Act as per Rule 11UA and the assumptions made for the purpose of
projections and valuation thereof ... accountant" (i) for the purposes of sub-rule (2) of rule 11UA,
means a fellow of the Institute of Chartered Accountants of India within
