Pr. Commissioner Of Income Tax, Bikaner, Bikaner v. M/S Choudhary Buildmart Pvt. Ltd., Sriganganagar (Rajasthan

HIGH COURT OF JUDICATURE FOR RAJASTHAN ATJODHPUR D.B. Income Tax Appeal No. 134/2018 Pr. Commissioner Of Income Tax, Bikaner, Bikaner ----Appellant Versus M/s Choudhary Buildmart Pvt. Ltd., Sriganganagar (Rajasthan) ----Respondent For Appellant(s) : Mr. KK Bissa HON'BLE THE CHIEF JUSTICE Mr. PRADEEP NANDRAJOG HON'BLE MR. JUSTICE DINESH MEHTAJudgment 11/10/2018 1.Heard learned counsel for the appellant. 2.Concededly Section 56(2) (viib) of the Income Tax Actpermits different methods to determine the fair market value ofthe shares of companies which are not enlisted. Further, rule 11 Uand rule 11UA permit fair market value of unquoted equity sharesto be determined as per the discounted free cash flow method. 3.In the instant case the assessee relied upon the fair marketvaluation of the unquoted equity shares determined as per thediscounted free cash flow method. 4.It is not the case in the appeal that a particular indice waswrongly applied while determining the fair market value as per thediscounted free cash flow method. 5.Thus, we find no infirmity in the impugned order dated9.2.2018 passed by the ITAT. 6.The appeal is dismissed accordingly. (DINESH MEHTA),J (PRADEEP NANDRAJOG),CJ