Determination of price in certain cases

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....unquoted equity shares shall be the higher of,- (I) its cost of acquisition; (II) the fair market value of such equity shares determined, on the date of transaction, by a merchant banker or an accountant as per the Discounted Free Cash Flow method; and (III) the value, on the date of transaction, of such equity shares as determined in the following manner, namely:- The fair market value of....

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....part for payment of dividends on preference shares and equity shares; (iii) reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation; (iv) any amount representing provision for taxation, other than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess ....