Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
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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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