Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Share premium received during the relevant previous year was treated as within the scope of the anti-abuse rule even though the shares had been allotted earlier, because the trigger is receipt of consideration in excess of face value in the year of receipt. At the same time, the addition could not stand where the Assessing Officer rejected the assessee's discounted cash flow valuation without showing any defect, substituted no valid fair market value, and taxed the entire premium without proving any excess over fair market value. The Tribunal accepted the assessee's choice of valuation method and sustained no addition on that basis.
Share premium received during the relevant previous year was treated as within the scope of the anti-abuse rule even though the shares had been allotted earlier, because the trigger is receipt of consideration in excess of face value in the year of receipt. At the same time, the addition could not stand where the Assessing Officer rejected the assessee's discounted cash flow valuation without showing any defect, substituted no valid fair market value, and taxed the entire premium without proving any excess over fair market value. The Tribunal accepted the assessee's choice of valuation method and sustained no addition on that basis.
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