ambit of "immovable property" for the purposes of Rule 11UA(1)(c)(b) of the Income Tax
Rules, 1962 (Rule) read with section ... that of 'lease hold property' for the
purposes of Rule 11UA(1)(c)(b).
c) That without prejudice to the above ground
that the assessee has the option to adopt the
valuation under Rule 11UA(2)(a) or under Rule 11UA(2)(b) i.e. the fair ... correct. Further,
the AO determined the value of the shares under Rule 11UA(2)(a) at the rate of Rs. 210 per share.
Further
fact that valuation of
shares was not as provided in Rules 11UA of the IT
Rules, 1962. The valuation produced was as per DCF
method ... applied the
provisions of IT Rules 1961 as given in Rule
11UA(2)(a) of IT Act and ascertained the excess
share premium received
Discounted Free Cash Flow (DCF) method in accordance
with Rule 11UA(2) of the Income Tax Rules, without proper and
justifiable reasons ... Appeals) ought to have appreciated that Rule 11UA(2) provides
an option to the assessee to adopt either the NAV (Net Asset Value
such
shares as per the process provided in Rule 11UA of the Income Tax Rules, 1962
("the Rules"). Admittedly since the assessee ... assessee obtained the valuation report from the valuer as
prescribed under Rule 11UA of the Rules who determined
Assessing Officer u/sec.56(2)(vii) read with Rule
11UA of I.T. Rules, 1962 by rejecting the valuation
determined based on Discounted Cash ... provisions of
sec.56(2)(viib) read with Explanation-2 and Rule 11UA of I.T.
Rules, 1962, the option is given to the assessee
shares under section 56(2)(viib) of the Act read
with Rule 11UA of the Income Tax Rules, 1961 ('the Rules ... ACIT
4. AO's Authority to Adopt FMV Method:
Rule 11UA Compliance: Rule 11UA allows the adoption of the FMV
method when the valuation
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
value significantly lower than their fair market
value as determined under Rule 11UA of the Income-tax Rules,
1962. Accordingly, the Assessing Officer issued show ... shares of the holding
companies. It was contended that valuation under Rule 11UA
applicable for the relevant assessment years requires
determination of fair market value
Chartered Accountant ("CA") whereas after
the amendment in Rule 11UA vide 6th Amendment Rules, 2018 w.e.f.
24.05.2018, fair market value ... value of
such shares is to be determined as prescribed under Rule 11UA of
the Income Tax Rules, 1962 (the Rules). Under Rule 11UA
