M/S PALMER INVESTMENT GROUP LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) CIRCLE-2(1), BANGALORE
In the result, the appeals filed by the assessees are partly allowed
ITA 2929/BANG/2018[2014-15]Status: DisposedITAT Bangalore24 Feb 2023AY 2014-15
Bench: Shri George George K. & Ms. Padmavathy S.
For Appellant: Smt. Manasa Ananthan, AdvocateFor Respondent: Ms. Neera Malthora, CIT-DR
Section 143(2)Section 143(3)Section 92A(2)Section 92C
section 56(2)(viib) read with rule 11UA, this Tribunal in Flutura Business Solutions (P) Ltd v ITO (2020) 117 taxmann.com 567
(Bang-Trib) and other similar cases, has held that the valuation under DCF method can be based only on estimated future projections and actual figures available subsequently cannot be replaced. Applying the same, the estimated cash flows considered