Share valuation report to be rejected if no scientific base was provided for Co's projection report

IT : Where assessee allotted shares to a company on premium and fair market value of shares was done by Chartered Accountant on basis of Direct Cash Flow (DCF) method only depending on information about future projections provided by management of assessee, since assessee could not conclusively establish that such projection/estimation done by its management was on a scientific basis, Assessing Officer was justified in rejecting valuation done by Chartered Accountant

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