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Court Rejects DCF Method in Favor of Net Asset Value Approach for ECL Shares u/r 11UA Valuation.

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....TP Adjustment - Fair market value of share of ECL representing the ALP - the DCF Method could not be adopted in the facts and circumstances of the present case as the Appellant is an investment company incorporated on 30.01.2007 with unpredictable income/cash flows. This takes us to the method adopted by the Appellant for determining the value of shares of ECL - Rule 11UA is also based on Net Asset Value Approach adopted in the valuation report relied upon by the Appellant to support the valuation of shares of ECL - Valuation done by the assessee adopted - AT....

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Court Rejects DCF Method in Favor of Net Asset Value Approach for ECL Shares u/r 11UA Valuation.