Appeal is partly allowed for statistical purpose

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhsils Karingattil Jose Income Tax Officer Np 3/406, Karingattil Ward - 2, House, Munnar Road Thodupuzha Vs. Nedumkandom P.O. [Pan: Afopj8789C] (Appellant) (Respondent)

147 of the Income Tax Act for the difference of Rs. 11,67,900/- as escapement of income. 5.2 During the assessment proceedings, the appellant argued that the valuation of shares has been done through 4 Sils Karingattil Jose DCF method. The appellant also submitted the valuation report. The Assessing Officer found that it is not backed by any documentary