Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
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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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