Depreciation and routine compliance expenses disallowance did not prove inaccurate particulars or misreporting; penalty sustained only on foreign trav...
Stamp duty on an order approving a scheme of amalgamation must be determined by treating that order as the instrument of levy. Reliance on a share valuation predating the order is not justified solely because the amalgamation order does not specify valuation. However, where neither side adequately establishes the relevant value at the time of scheme submission or order, strict construction of fiscal law requires fresh adjudication based on relevant valuation material and the taxpayer's written response. The stamp-duty demand was set aside, with the matter remanded for fresh adjudication after personal hearing; the interim deposit was to continue pending that determination.
Stamp duty on an order approving a scheme of amalgamation must be determined by treating that order as the instrument of levy. Reliance on a share valuation predating the order is not justified solely because the amalgamation order does not specify valuation. However, where neither side adequately establishes the relevant value at the time of scheme submission or order, strict construction of fiscal law requires fresh adjudication based on relevant valuation material and the taxpayer's written response. The stamp-duty demand was set aside, with the matter remanded for fresh adjudication after personal hearing; the interim deposit was to continue pending that determination.
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