JCIT(OSD), NEW DELHI vs. MANISH VIJ, DELHI

ITA 1746/DEL/2025Status: DisposedITAT Delhi14 November 2025Bench: SHRI C. N. PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)8 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the AO cannot question the method adopted by the assessee for valuation unless a defect is shown. Since the AO did not demonstrate any error in the valuation reports or the methods used, the addition made by the AO was deleted.

What were the facts?

The assessee sold shares of a startup company at different prices over an 11-month period. The Assessing Officer (AO) substituted the sale consideration for the first tranche of shares, alleging a discrepancy in valuation. The assessee provided valuation reports using different methods (NAV and DCF) to justify the prices.

What were the issues?

Whether the Assessing Officer was justified in substituting the sale consideration based on different valuation methods used by the assessee for shares sold at different times.

Which sections of the Income-tax Act were involved?

Section 50CA,Section 48

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Income Tax Appellate Tribunal, DELHI BENCH “G”: NEW DELHI

Before: SHRI C. N. PRASAD & SHRI M. BALAGANESH

For Appellant: Shri Salil Aggarwal, Adv, Shri Shailesh Gupta, CA, Shri Shankar, Adv
For Respondent: Shri Mahesh Kumar, CIT (DR)
Hearing: 19/08/2025Pronounced: 14/11/2025

PER M. BALAGANESH, A. M.:

1.

The appeal in ITA No.1746/Del/2025 for AY 2022, arises out of the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as „ld. CIT(A)‟, in short] in Appeal No. ITBA/NFAC/S/250/2024-25/1072345400(1) dated 20.01.2025 against the order of assessment passed u/s 143(3) r.w.s. 144B of the Income-tax Act, 1961 (hereinafter referred to as „the Act‟) dated 22.03.2024 by the Assessing Officer, NFeAC, Delhi (hereinafter referred to as „ld. AO‟).

2.

The only issue to be decided in this appeal of the revenue is as to whether the ld CIT(A) was justified in deleting the addition on account of short- term capital gains as per provisions of Section 50CA of the Act arising out of transf

The order continues below.

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