https://www.taxtmi.com/caselaws?id=779124 ITAT JAIPUR held that the assessee validly exercised its statutory option to value unquoted equity shares by the DCF method under Rule 11UA(2)(b) and the AO and CIT(A) erred in revaluing shares on a NAV basis under Rule 11UA(2)(a). The tribunal ruled revenue cannot substitute its preferred valuation method once the assessee has chosen a method; the AO may only scrutinize for arithmetic errors, seek modifications on sound reasoning or obtain an independent expert report, but cannot change the valuation method or modify figures arbitrarily. The impugned valuation adjustment was set aside. en-us Mon, 20 Jan 2025 00:00:00 +0530 Mon, 29 Sep 2025 08:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779124 ITAT JAIPUR held that the assessee validly exercised its statutory option to value unquoted equity shares by the DCF method under Rule 11UA(2)(b) and the AO and CIT(A) erred in revaluing shares on a NAV basis under Rule 11UA(2)(a). The tribunal ruled revenue cannot substitute its preferred valuation method once the assessee has chosen a method; the AO may only scrutinize for arithmetic errors, seek modifications on sound reasoning or obtain an independent expert report, but cannot change the valuation method or modify figures arbitrarily. The impugned valuation adjustment was set aside. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779124