https://www.taxtmi.com/caselaws?id=792346 Discounted Cash Flow valuation is a recognised method under Rule 11UA for share pricing, and it cannot be discarded merely because later business results differ from projections. The analysis notes that a projected valuation is forward-looking, so hindsight cannot by itself justify reworking the price for purposes of section 56(2)(viib). It also indicates that where the same valuation basis was accepted for FEMA-related share issues, the Revenue should not selectively reject it for resident subscriptions. On that reasoning, the DCF valuation was upheld and the addition under section 56(2)(viib) was deleted. en-us Wed, 20 May 2026 00:00:00 +0530 Wed, 27 May 2026 07:29:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792346 Discounted Cash Flow valuation is a recognised method under Rule 11UA for share pricing, and it cannot be discarded merely because later business results differ from projections. The analysis notes that a projected valuation is forward-looking, so hindsight cannot by itself justify reworking the price for purposes of section 56(2)(viib). It also indicates that where the same valuation basis was accepted for FEMA-related share issues, the Revenue should not selectively reject it for resident subscriptions. On that reasoning, the DCF valuation was upheld and the addition under section 56(2)(viib) was deleted. Case-Laws Income Tax Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792346