https://www.taxtmi.com/caselaws?id=796894 Discounted Cash Flow Method may support fair market value of shares issued by a newly incorporated company even before its later notification under Rule 11UA, where it was already a recognised valuation approach. Section 56(2)(viib) permits valuation by a prescribed method or another method substantiated to the Assessing Officer's satisfaction. Net Asset Value Method may not capture a newly incorporated company's commercial potential. Procedural prescription of valuation methods cannot displace substantive rights without substantial legal breach. The Assessing Officer may examine defects in the valuation report or methodology but should not substitute the valuer's commercial estimate of expected return with an independently selected rate. en-us Tue, 04 Aug 2026 00:00:00 +0530 Wed, 12 Aug 2026 08:20:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796894 Discounted Cash Flow Method may support fair market value of shares issued by a newly incorporated company even before its later notification under Rule 11UA, where it was already a recognised valuation approach. Section 56(2)(viib) permits valuation by a prescribed method or another method substantiated to the Assessing Officer's satisfaction. Net Asset Value Method may not capture a newly incorporated company's commercial potential. Procedural prescription of valuation methods cannot displace substantive rights without substantial legal breach. The Assessing Officer may examine defects in the valuation report or methodology but should not substitute the valuer's commercial estimate of expected return with an independently selected rate. Case-Laws Income Tax Tue, 04 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796894