ITAT granted stay during pendency of appeal against additions made towards valuation of unquoted shares

IT: Where assessee during pendency of appeal against addition made to its income on account of valuation of unquoted equity shares of various companies, sought stay of tax demand, in view of fact that there was a huge difference in valuation done by Assessing Officer and working given by assessee, which prima facie appeared to be based on method laid down in Rule 11UA, a case was made out to grant stay of demand

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