Annuloplasty band classification as implanted therapeutic appliance, not anatomical replacement, resulting in classification under tariff heading for ...
De-notification of Customs Area and termination of Container Freight Station custodian and Customs Cargo Service Provider authority effective 07-01-20...
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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