period by the assessee's own Chartered
Accountant based on Net Asset method ie after taking into consideration the
complete assets and liabilities ... Earnings Capitalisation Method
and Rs.23 per share as per Net Asset Method . This being so, as recorded by
:-13-: ITA No. 368/Chny/2018
Rules and, therefore, there was no dispute regarding the net asset/net worth
method applied by the AO as well as the assessee. Since ... arise under the said method. Since the assessee has not
disputed the method and has opted only the net worth method as prescribed
under
assessee, AO surprisingly has
taken a method of asset and expenditure method. This
method is not a prescribed method under any of the provisions ... evidence available so as to
arrive at the income or net asset method when there are large
number of assets, the source of which
Rules and, therefore, there was no dispute regarding the net asset/net
worth method applied by the AO as well as the assessee. Since ... arise under the said method. Since the assessee has not disputed the
method and has opted only the net worth method as prescribed under
share shares had been
determined at ` 1150 per share on net asset value method. In order to verify the
genuineness of transactions, the Assessing Officer ... registered valuer to prove the value of
shares as per net asset value method. The valuer has determined the value per
share
report it is seen
that the value arrived by following net assets value
method was Rs 408. Which is not considered as
acceptable since while ... adopting net assets value
method investment in share and mutual fund is totally
ignored which is wrong and baseless and unjustifiable
without any explanation therefore
does not
hold any merit when the value as per the net asset method is substantially
low in comparison to the value adopted ... comparing the value based on the asset of the company. Therefore, the
Net Asset Value method as well as any of the other methods prescribed
net
realized amounts from sub agents and after meeting expenses the
income has been admitted which is based on net incremental asset
method. In this ... net realized amounts from
sub agents and after meeting expenses the income has been admitted
which is based on net incremental asset method
Valuation Report under Rule 11UA based
on discounted cash flow method is grossly flawed and therefore not
reliable. The assessee has merely stuck ... method of valuation. The AO's
adoption of Net Asset Method, after taking into consideration the assets
and liabilities from the appellant
Appellant's choice of method of valuation as per law
a) The learned Commissioner of Income-tax (Appeals) ['CIT(A)']
erred ... option upon the tax payer to adopt
any of the methods either Net Asset Value ['NAV'] method
under Rule 11UA
