https://www.taxtmi.com/highlights?id=101032 Rule 11UA leaves the assessee free to choose the DCF method for valuing unquoted shares, and the Assessing Officer may test the report and assumptions but cannot replace that method with NAV merely of his own preference; on the facts noted, the independent investor's participation and response to notices supported the genuineness of the transaction, so the share-premium addition under section 56(2)(viib) was unsustainable. On section 14A, no disallowance could be made because no exempt income was earned during the year, and the Finance Act, 2022 amendment was held prospective, so it did not apply to AY 2018-19. en-us Tue, 23 Jun 2026 08:08:25 +0530 Tue, 23 Jun 2026 08:08:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=101032 Rule 11UA leaves the assessee free to choose the DCF method for valuing unquoted shares, and the Assessing Officer may test the report and assumptions but cannot replace that method with NAV merely of his own preference; on the facts noted, the independent investor's participation and response to notices supported the genuineness of the transaction, so the share-premium addition under section 56(2)(viib) was unsustainable. On section 14A, no disallowance could be made because no exempt income was earned during the year, and the Finance Act, 2022 amendment was held prospective, so it did not apply to AY 2018-19. Highlights Income Tax Tue, 23 Jun 2026 08:08:25 +0530 https://www.taxtmi.com/highlights?id=101032