https://www.taxtmi.com/caselaws?id=787632 The statutory scheme permits an assessee to determine fair market value of unquoted equity shares either by a prescribed formula or by a Discounted Cash Flow (DCF) valuation; the Assessing Officer may scrutinise, seek clarifications, require a fresh independent valuation, or rework computations using the same method, but lacks authority to supplant the assessee's chosen DCF method with the Net Asset Value (NAV) method absent specific, pinpointed defects in the DCF workings. On the facts the AO substituted NAV without identifying such defects; that substitution exceeded jurisdiction and the resulting addition was deleted. en-us Fri, 06 Mar 2026 00:00:00 +0530 Tue, 10 Mar 2026 08:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787632 The statutory scheme permits an assessee to determine fair market value of unquoted equity shares either by a prescribed formula or by a Discounted Cash Flow (DCF) valuation; the Assessing Officer may scrutinise, seek clarifications, require a fresh independent valuation, or rework computations using the same method, but lacks authority to supplant the assessee's chosen DCF method with the Net Asset Value (NAV) method absent specific, pinpointed defects in the DCF workings. On the facts the AO substituted NAV without identifying such defects; that substitution exceeded jurisdiction and the resulting addition was deleted. Case-Laws Income Tax Fri, 06 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787632