Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Rule 11UA leaves the assessee free to choose the DCF method for valuing unquoted shares, and the Assessing Officer may test the report and assumptions but cannot replace that method with NAV merely of his own preference; on the facts noted, the independent investor's participation and response to notices supported the genuineness of the transaction, so the share-premium addition under section 56(2)(viib) was unsustainable. On section 14A, no disallowance could be made because no exempt income was earned during the year, and the Finance Act, 2022 amendment was held prospective, so it did not apply to AY 2018-19.
Rule 11UA leaves the assessee free to choose the DCF method for valuing unquoted shares, and the Assessing Officer may test the report and assumptions but cannot replace that method with NAV merely of his own preference; on the facts noted, the independent investor's participation and response to notices supported the genuineness of the transaction, so the share-premium addition under section 56(2)(viib) was unsustainable. On section 14A, no disallowance could be made because no exempt income was earned during the year, and the Finance Act, 2022 amendment was held prospective, so it did not apply to AY 2018-19.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
