Rule 11U : Meaning of expressions used in determination of fair market value.

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Meaning of expressions used in determination of fair market value.

11U. For the purposes of this rule and rule 11UA,—
(a) “accountant”,—
(i) for the purposes of sub-rule (2) of rule 11UA, means a fellow of the Institute of Chartered Accountants of India within the meaning of the Chartered Accountants Act, 1949 (38 of 1949) who is not appointed by the company as an auditor under section 44AB of the Act or under section 224 of the Companies Act, 1956 (1 of 1956); and

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