https://www.taxtmi.com/caselaws?id=761711 Gujarat HC held that under Rule 11UA(2) of Income Tax Rules, 1962, assessee has option to choose between Net Asset Value method or Discounted Cash Flow method for computing fair market value under section 56(2)(viib). Once assessee exercises this option, Assessing Officer cannot question the chosen method during regular assessment or form reason to believe income escaped merely because alternative method yields different valuation. AO cannot assume jurisdiction to reopen assessment to verify DCF method computation based on subsequent year's actual performance versus projections, as future growth predictions are inherently uncertain. Reopening notice under section 147 was quashed. en-us Mon, 28 Oct 2024 00:00:00 +0530 Mon, 16 Mar 2026 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761711 Gujarat HC held that under Rule 11UA(2) of Income Tax Rules, 1962, assessee has option to choose between Net Asset Value method or Discounted Cash Flow method for computing fair market value under section 56(2)(viib). Once assessee exercises this option, Assessing Officer cannot question the chosen method during regular assessment or form reason to believe income escaped merely because alternative method yields different valuation. AO cannot assume jurisdiction to reopen assessment to verify DCF method computation based on subsequent year's actual performance versus projections, as future growth predictions are inherently uncertain. Reopening notice under section 147 was quashed. Case-Laws Income Tax Mon, 28 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761711