https://www.taxtmi.com/caselaws?id=797906 Rule 11UA permits valuation of unquoted preference shares through a report from either an accountant or a merchant banker; an independent valuer's report is not exclusively required. A valuation certificate already furnished during first appellate proceedings is not additional evidence for Rule 46A purposes merely because it is relied upon before the Tribunal. Fair market value under Section 56(2)(viia) must follow the prescribed statutory valuation method. An isolated third-party share transaction cannot displace valuation evidence based on audited financial statements and applicable redemption terms. Statutory valuation evidence supported the stated preference-share consideration within the applicable fair-market-value parameters. en-us Tue, 11 Aug 2026 00:00:00 +0530 Sat, 29 Aug 2026 14:35:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797906 Rule 11UA permits valuation of unquoted preference shares through a report from either an accountant or a merchant banker; an independent valuer's report is not exclusively required. A valuation certificate already furnished during first appellate proceedings is not additional evidence for Rule 46A purposes merely because it is relied upon before the Tribunal. Fair market value under Section 56(2)(viia) must follow the prescribed statutory valuation method. An isolated third-party share transaction cannot displace valuation evidence based on audited financial statements and applicable redemption terms. Statutory valuation evidence supported the stated preference-share consideration within the applicable fair-market-value parameters. Case-Laws Income Tax Tue, 11 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797906