AO cannot reject the prescribed method of Valuation, ITAT deletes addition under Section 50CA
The Assessee1 is an individual, engaged in business of trading of shares. The Assessee transferred 801 shares in Cash Grail (P) Ltd (‘CGPL’) to Vun Internet Partners in April 2021 at a sale consideration of INR 54,960 per share determined in accordance with Net Asset Value (‘NAV’) method prescribed under Rule 11UA of the Income-tax Rules, 1962 (‘the Rules’).
