Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
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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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