Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Section 56(2)(viib) read with Rule 11UA allows an assessee to choose a prescribed valuation method for unquoted shares, including a DCF valuation supported by a merchant banker or valuer. The AO cannot independently replace that chosen method with NAV merely because later financial results differ from projections, since valuation is a matter of estimation and not exact science. Applying that principle, the ITAT held the AO's rejection of the DCF report and substitution of NAV to determine fair market value was not permissible and set aside the addition.
Section 56(2)(viib) read with Rule 11UA allows an assessee to choose a prescribed valuation method for unquoted shares, including a DCF valuation supported by a merchant banker or valuer. The AO cannot independently replace that chosen method with NAV merely because later financial results differ from projections, since valuation is a matter of estimation and not exact science. Applying that principle, the ITAT held the AO's rejection of the DCF report and substitution of NAV to determine fair market value was not permissible and set aside the addition.
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