Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
HC upheld ITAT's order, affirming the Assessee's valuation of unquoted equity shares using Discounted Cash Flow (DCF) method under Rule 11UA(2). The court found the Chartered Accountant's valuation report valid, noting that general disclaimers do not invalidate the expert's assessment. The Assessing Officer's rejection of the valuation was deemed inappropriate without identifying specific material errors in the underlying data. The ICAI Valuation Standard 301 supports the DCF method for subsidiary investment valuation. Consequently, the addition under section 56(2)(viib) was deleted, with no substantial questions of law arising from the case.
HC upheld ITAT's order, affirming the Assessee's valuation of unquoted equity shares using Discounted Cash Flow (DCF) method under Rule 11UA(2). The court found the Chartered Accountant's valuation report valid, noting that general disclaimers do not invalidate the expert's assessment. The Assessing Officer's rejection of the valuation was deemed inappropriate without identifying specific material errors in the underlying data. The ICAI Valuation Standard 301 supports the DCF method for subsidiary investment valuation. Consequently, the addition under section 56(2)(viib) was deleted, with no substantial questions of law arising from the case.
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