Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
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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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