FMV of Shares Determined by Statutorily Prescribed Methods cannot be Rejected without Recording Contrary Evidence: Karnataka HC [Read Order]

Karnataka High Court rules that Income Tax authorities cannot reject FMV of shares calculated under Rule 11UA(2) without providing contrary evidence
By Kavi Priya - On March 17, 2025 5:34 pm - 2 mins read
Fair Market Value - Contrary Evidence - FMV of Shares Determined - taxscan

In a recent ruling, the Karnataka High Court clarified that income tax authorities cannot reject the Fair Market Value ( FMV ) of shares determined using methods prescribed by Rule 11UA(2) without clearly recording evidence that proves otherwise. The case began when the Income Tax Department added Rs. 33,71,77,500 to the taxable income of Waterline…

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