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Addition u/s 56(2)(viib) - Method of valuation of shares - closely held company issues its shares at a premium - The tribunal sided with the assessee, affirming the FMV as per the Discounted Cash Flow (DCF) method. It held that when the law provides for a valuation method and the assessee chooses one of the prescribed methods, the AO cannot disregard the assessee's valuation without substantial grounds. The tribunal referenced multiple judgments supporting the assessee's right to choose between the Net Asset Value (NAV) method and the DCF method for valuation.
Addition u/s 56(2)(viib) - Method of valuation of shares - closely held company issues its shares at a premium - The tribunal sided with the assessee, affirming the FMV as per the Discounted Cash Flow (DCF) method. It held that when the law provides for a valuation method and the assessee chooses one of the prescribed methods, the AO cannot disregard the assessee's valuation without substantial grounds. The tribunal referenced multiple judgments supporting the assessee's right to choose between the Net Asset Value (NAV) method and the DCF method for valuation.
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