https://www.taxtmi.com/caselaws?id=472106 Rule 11UA(2) permits valuation of unquoted equity shares through either the prescribed formula-based method or the Discounted Cash Flow method. Where the Discounted Cash Flow method is validly selected, valuation scrutiny, including independent revaluation, must remain within that methodology; the Net Asset Value method cannot replace it. Projections, discount rates and terminal values must be assessed using material available on the valuation date rather than subsequent actual results, and the assessee must substantiate valuation inputs. Earlier non-addition or subsequent return processing without scrutiny does not establish consistency protection against examination of share-premium valuation. en-us Wed, 16 Apr 2025 00:00:00 +0530 Wed, 30 Sep 2026 08:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472106 Rule 11UA(2) permits valuation of unquoted equity shares through either the prescribed formula-based method or the Discounted Cash Flow method. Where the Discounted Cash Flow method is validly selected, valuation scrutiny, including independent revaluation, must remain within that methodology; the Net Asset Value method cannot replace it. Projections, discount rates and terminal values must be assessed using material available on the valuation date rather than subsequent actual results, and the assessee must substantiate valuation inputs. Earlier non-addition or subsequent return processing without scrutiny does not establish consistency protection against examination of share-premium valuation. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472106