https://www.taxtmi.com/caselaws?id=796398 Section 56(2)(viib) read with Rule 11UA(2) permits an assessee to value unquoted equity shares using either the prescribed Net Asset Value formula or the Discounted Cash Flow method. While the Assessing Officer may examine the valuation report, reject projections unsupported by reliable data, and obtain a fresh valuation, the review must remain within the method chosen by the assessee. The Assessing Officer cannot substitute the Discounted Cash Flow method with the Net Asset Value method, and projections must be assessed using information available on the valuation date rather than later actual results. Accordingly, an addition based on such substitution lacks jurisdiction and is deleted. en-us Wed, 22 Jul 2026 00:00:00 +0530 Wed, 05 Aug 2026 08:48:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796398 Section 56(2)(viib) read with Rule 11UA(2) permits an assessee to value unquoted equity shares using either the prescribed Net Asset Value formula or the Discounted Cash Flow method. While the Assessing Officer may examine the valuation report, reject projections unsupported by reliable data, and obtain a fresh valuation, the review must remain within the method chosen by the assessee. The Assessing Officer cannot substitute the Discounted Cash Flow method with the Net Asset Value method, and projections must be assessed using information available on the valuation date rather than later actual results. Accordingly, an addition based on such substitution lacks jurisdiction and is deleted. Case-Laws Income Tax Wed, 22 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796398