ICAI opposes CBDT notification making CAs ineligible to determine FMV of unquoted equity shares as per the Discounted Free Cash Flow Method.
The Representation has been submitted to CBDT by Direct Taxes Committee of ICAI with respect to the Notification No 23/2018, dated 24th May, 2018 amending Rule 11UA omitting reference to term “accountant”, thereby making Chartered Accountants ineligible to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method.
In the representation, ICAI has reiterated its role as a partner in nation building and custom followed for its being consulted when such changes are being given effect to.
The representation of ICAI is in detail and centers around the initiatives/concerns of ICAI as under:
It has also been pointed out that limited availability of the merchant bankers would increase the cost to the assessee for determining the FMV of unquoted equity shares.
CBDT has been urged to reconsider the notification and for restoring the status quo before notification was issued.
Download ICAI Representation to CBDT Click Here >>
----------- Similar Posts: -----------In absence of mala fide intention bank should not be treated as assessee in default for late deduction and deposit…
Whether bank account was fraudulently open in the name of assessee is question of fact. High Court declined to entertain…
SBI Concurrent Auditor Empanelment of Chartered Accountant Firms for FY 2024-25 SBI Concurrent Auditor Empanelment of CA Firms for FY…
Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants In 2015, the Ministry of Corporate Affairs…
Trade Tax Department was unjustified in retaining refund beyond stipulated period and adjusting it against default notices issued subsequently. In…
Notice issued u/s 143(2) prior to filing of return of income by the assessee was invalid. Before filing ITR provisions…