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Read MoreHon’ble Delhi High Court upholds the valuation methodology adopted by the tax payer, grants relief from applicability of Section 56(2)(viib) of the ITA (‘Angel Tax’).
The Hon’ble Delhi High Court in its recent ruling1
has quashed the addition made under Section 56(2)(viib) of the Income Tax
Act, 1961 (‘ITA’) by upholding the Discounted Cash Flow (DCF) valuation methodology adopted by the assessee for determining
the value per share in connection with a fund raising exercise.