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Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The Income Tax Appellate Tribunal upheld the Assessing Officer's invocation of Section 56(2)(viib) read with Rule 11UA for determining the fair market value of unquoted shares allotted to promoters/existing shareholders at a premium. The assessee failed to substantiate the Discounted Cash Flow (DCF) method adopted for valuation. The Tribunal concurred with the Assessing Officer's rejection of the DCF method and application of Rule 11UA(2) to determine the fair market value at Rs. 63.47 per share. The Tribunal rejected the assessee's reliance on recent amendments to Rule 11UA regarding the option to adopt the valuation date, as no valuation report existed at the time of share issuance. The Tribunal distinguished its decision from the case of Brio Bliss Life Science Pvt. Ltd., holding that the facts differed as a valuation report under the DCF method was already on record and rejected during assessment proceedings based on the Delhi High Court's decision.
The Income Tax Appellate Tribunal upheld the Assessing Officer's invocation of Section 56(2)(viib) read with Rule 11UA for determining the fair market value of unquoted shares allotted to promoters/existing shareholders at a premium. The assessee failed to substantiate the Discounted Cash Flow (DCF) method adopted for valuation. The Tribunal concurred with the Assessing Officer's rejection of the DCF method and application of Rule 11UA(2) to determine the fair market value at Rs. 63.47 per share. The Tribunal rejected the assessee's reliance on recent amendments to Rule 11UA regarding the option to adopt the valuation date, as no valuation report existed at the time of share issuance. The Tribunal distinguished its decision from the case of Brio Bliss Life Science Pvt. Ltd., holding that the facts differed as a valuation report under the DCF method was already on record and rejected during assessment proceedings based on the Delhi High Court's decision.
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