https://www.taxtmi.com/caselaws?id=801400 Section 56(2)(viib) taxes share consideration received above the fair market value of unquoted shares. Rule 11UA(2) permits the taxpayer to choose either the Net Asset Value method or the Discounted Cash Flow method supported by a merchant banker's valuation report. Although the Assessing Officer may examine the valuation methodology and underlying data, the chosen Discounted Cash Flow method cannot be substituted with Net Asset Value without establishing grave or material errors, incorrect facts, or a flawed valuation basis. Rejecting projections as unreasonable without examining their basis is insufficient; the Discounted Cash Flow valuation was accepted and the addition deleted. en-us Tue, 13 Oct 2026 00:00:00 +0530 Wed, 21 Oct 2026 08:37:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801400 Section 56(2)(viib) taxes share consideration received above the fair market value of unquoted shares. Rule 11UA(2) permits the taxpayer to choose either the Net Asset Value method or the Discounted Cash Flow method supported by a merchant banker's valuation report. Although the Assessing Officer may examine the valuation methodology and underlying data, the chosen Discounted Cash Flow method cannot be substituted with Net Asset Value without establishing grave or material errors, incorrect facts, or a flawed valuation basis. Rejecting projections as unreasonable without examining their basis is insufficient; the Discounted Cash Flow valuation was accepted and the addition deleted. Case-Laws Income Tax Tue, 13 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801400