Fair Market Value Of Shares Determined By Statutory Methods Can't Be Rejected By Income Tax Department: Karnataka High Court

The Karnataka High Court has ruled that the Fair Market Value (FMV) of shares determined by statutorily prescribed methods cannot be rejected by the department without recording contrary evidence. This decision clarifies the valuation process for shares and provides guidance to tax authorities on how to assess FMV. The ruling emphasizes the importance of adhering to prescribed methods and ensuring that valuations are based on sound evidence.