https://www.taxtmi.com/caselaws?id=753858 Valuation of non-cumulative redeemable preference shares under the prescribed discounted dividend valuation model was accepted as a technical exercise, and the Assessing Officer could not reject the assessee's independent accountant's report without showing specific defects, incorrect assumptions, or credible contrary material. The absence of past dividend payments to equity shareholders did not by itself undermine the valuation, because preference shares have a distinct commercial and legal character. On that basis, the addition under section 56(2)(viib) was deleted and the Revenue's challenge failed. en-us Mon, 10 Jun 2024 00:00:00 +0530 Tue, 11 Jun 2024 14:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753858 Valuation of non-cumulative redeemable preference shares under the prescribed discounted dividend valuation model was accepted as a technical exercise, and the Assessing Officer could not reject the assessee's independent accountant's report without showing specific defects, incorrect assumptions, or credible contrary material. The absence of past dividend payments to equity shareholders did not by itself undermine the valuation, because preference shares have a distinct commercial and legal character. On that basis, the addition under section 56(2)(viib) was deleted and the Revenue's challenge failed. Case-Laws Income Tax Mon, 10 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753858