appellant that the
computation provisions as specified in rule 11U and 11UA
will fail in the case of the appellant, if the provisions of
section ... market value of unquoted equity
shares under Rule 11U read with Rule 11UA(2) of the
Income-tax Rules, 1962, for the reasons which
rejected the calculation made by
the assessee in terms of section 11UA for calculating the share premium on the
ground that the company ... valuation of the shares has to be done in
accordance with Rule 11UA of the Income Tax Rules. The ld. Counsel also
referred
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
shares is to be determined as prescribed
Income -tax Rules 11U & 11UA, for calculating fair
market value of the shares of NCDLX, which ... fair market value of the share,
determined as per Rule 11U & 11UA, @ Rs.42.12/-
per share, as against purchase rate
Sumitomo Corporation, New Delhi vs Dcit (International Taxation), New ... on 9 June, 2021
1 ITA
rejected the calculation made by the assessee in
terms of section 11UA for calculating the share premium on the ground that
the company ... justified the share premium on the basis of valuation
report under Rule 11UA(2). The said valuation report for the shares
as furnished
Assessing
Officer asked the Assessee to file certificate as per Rule 11UA but,
the assessee before the assessing officer had submitted that rule
11UA ... Chartered Accountant evidencing the value of shares as per Rule
11UA of the Act was duly filed before the CIT(A) but the same
assessee also submitted
that it filed valuation report in accordance with Rule 11UA of the Rules and
arrived at a value ... Assessee did not give any valuation report as required under Rule
11UA of the Rules.
c) As per Rule 11UA, the assessee only
Income Tax Act, 1961
(hereinafter 'the Act') read with Rule 11UA of the Income Tax Rules, 1962 (hereinafter
'the Rules ... sold was worked out by the Assessing Officer by applying
Rule 11UA of the Rules @ Rs.8/- per share and difference between the sale
consideration
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
