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Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
The article addresses valuation of share premium under s.56(2)(viib) and Rule 11UA, holding that a taxpayer may elect FMV by formulaic net asset route or by a valuer-certified Discounted Cash Flow (DCF) method and that the Assessing Officer may scrutinise, challenge assumptions, obtain an independent valuation, but may not substitute a different valuation method than the one chosen by the assessee. Applying this, wholesale rejection of a DCF valuation and replacement with NAV was an excess of jurisdiction and the addition based on NAV was deleted, with the appeal allowed.
The article addresses valuation of share premium under s.56(2)(viib) and Rule 11UA, holding that a taxpayer may elect FMV by formulaic net asset route or by a valuer-certified Discounted Cash Flow (DCF) method and that the Assessing Officer may scrutinise, challenge assumptions, obtain an independent valuation, but may not substitute a different valuation method than the one chosen by the assessee. Applying this, wholesale rejection of a DCF valuation and replacement with NAV was an excess of jurisdiction and the addition based on NAV was deleted, with the appeal allowed.
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