Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
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.
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