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Discounted cash flow is the recognized method as per section 56(2)(viib)
Case Law Details
- Case Name
- DCIT Vs Process Nine Technologies (P) Ltd (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs Process Nine Technologies (P) Ltd (ITAT Delhi)
ITAT Delhi held that discounted cash flow method is the recognized method as per section 56(2)(viib) of the Income Tax Act read with rule 11UA of the Income Tax Rules.
Facts- During the year the assessee-company has issued preference shares and received Rs.2,54,50,003/- as share premium. During the course of assessment proceeding AO asked the assessee company to submit justification as per Section 56(2)(vi) (b) of the Act for the share value along with 11UA valuation report. Further, vide questionnaire dated 15.12.2018 the assessee company...
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