https://www.taxtmi.com/caselaws?id=391071 ITAT upheld the appellate authority's acceptance of the assessee's DCF valuation for rights shares and dismissed the department's appeal. The AO's rejection of a merchant banker's DCF report and revaluation by net-asset method was reversed; CIT(A) had appropriately evaluated projections against subsequent performance and found AO's approach impermissible. The Tribunal held valuation inherently involves projections and cannot be second-guessed into perfect accuracy at assessment stage, therefore the department's challenge to the DCF method was dismissed and decision rendered in favour of the assessee. en-us Fri, 13 Dec 2019 00:00:00 +0530 Tue, 30 Sep 2025 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391071 ITAT upheld the appellate authority's acceptance of the assessee's DCF valuation for rights shares and dismissed the department's appeal. The AO's rejection of a merchant banker's DCF report and revaluation by net-asset method was reversed; CIT(A) had appropriately evaluated projections against subsequent performance and found AO's approach impermissible. The Tribunal held valuation inherently involves projections and cannot be second-guessed into perfect accuracy at assessment stage, therefore the department's challenge to the DCF method was dismissed and decision rendered in favour of the assessee. Case-Laws Income Tax Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391071