Valuation of unquoted shares

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Hi,

Could you please tell me why tax paid less refund claimed is reduced from book value of assets for computing value of unquoted equity shares under Rule 11UA.
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Summary: The reduction of "tax paid less refund claimed" from the book value of assets is a standard adjustment under Rule 11UA to ensure the Net Asset Value (NAV) represents the company's true operational asset base. By removing these tax-related "receivables" from the asset side, the formula prevents the overvaluation of equity shares by excluding amounts that are essentially claims against the government rather than core business resources.

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