https://www.taxtmi.com/caselaws?id=791865 Where unquoted equity shares are valued under the Discounted Cash Flow method prescribed in Rule 11UA, the Assessing Officer cannot discard that valuation merely because later actual results differ from the projections. DCF valuation is inherently based on estimates and future assumptions, and its correctness cannot be tested by hindsight using subsequent figures. By substituting actual financials for projected figures and preferring Net Asset Value instead, the Assessing Officer departed from the prescribed method. The addition under section 56(2)(viib) was therefore held unsustainable. en-us Fri, 15 May 2026 00:00:00 +0530 Mon, 18 May 2026 10:44:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791865 Where unquoted equity shares are valued under the Discounted Cash Flow method prescribed in Rule 11UA, the Assessing Officer cannot discard that valuation merely because later actual results differ from the projections. DCF valuation is inherently based on estimates and future assumptions, and its correctness cannot be tested by hindsight using subsequent figures. By substituting actual financials for projected figures and preferring Net Asset Value instead, the Assessing Officer departed from the prescribed method. The addition under section 56(2)(viib) was therefore held unsustainable. Case-Laws Income Tax Fri, 15 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791865