On 26 September 2023, India's Central Board of Direct Taxes (CBDT) issued a release on changes to rule 11UA of the Income Tax Rules 1962 regarding the valuation of shares. Rule 11UA is applied in relation to Section 56(2)(viib) of the Income-tax Act 1961, which generally provides that consideration received for the issue of shares that exceeds the fair market value of the shares is chargeable …