https://www.taxtmi.com/highlights?id=78224 The High Court considered a case involving income from Other Sources u/s 56 (viib). The Assessing Officer rejected the valuation report provided by the assessee-company, claiming the Discounted Cash Flow (DCF) method used was invalid. The CIT(A) overturned the addition, stating no consideration was received for the shares issued. The High Court upheld this decision, noting Section 56 (2) (viib) does not apply without consideration. It also ruled the AO cannot impose the Net Asset Value method over DCF, as the latter is permissible u/s Rule 11UA (2)(d). The Revenue's appeal was dismissed. en-us Thu, 06 Jun 2024 10:23:17 +0530 Thu, 06 Jun 2024 10:23:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78224 The High Court considered a case involving income from Other Sources u/s 56 (viib). The Assessing Officer rejected the valuation report provided by the assessee-company, claiming the Discounted Cash Flow (DCF) method used was invalid. The CIT(A) overturned the addition, stating no consideration was received for the shares issued. The High Court upheld this decision, noting Section 56 (2) (viib) does not apply without consideration. It also ruled the AO cannot impose the Net Asset Value method over DCF, as the latter is permissible u/s Rule 11UA (2)(d). The Revenue's appeal was dismissed. Highlights Income Tax Thu, 06 Jun 2024 10:23:17 +0530 https://www.taxtmi.com/highlights?id=78224