Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
For share-premium taxation of unquoted shares, a chartered accountant's valuation report supported by detailed workings may not be rejected merely on suspicion or without examining its underlying material. The notes state that an Assessing Officer's independent net asset value calculation was not sustainable where the officer lacked valuation expertise and had not addressed the submitted report, resulting in deletion of the excess share-premium addition. They also explain that, in a limited-scrutiny assessment restricted to advances, loans and share premium, expenditure disallowance falls outside jurisdiction unless recorded satisfaction and prior approval permit conversion to complete scrutiny. The expenditure disallowance was therefore deleted, and the Revenue's appeal was dismissed.
For share-premium taxation of unquoted shares, a chartered accountant's valuation report supported by detailed workings may not be rejected merely on suspicion or without examining its underlying material. The notes state that an Assessing Officer's independent net asset value calculation was not sustainable where the officer lacked valuation expertise and had not addressed the submitted report, resulting in deletion of the excess share-premium addition. They also explain that, in a limited-scrutiny assessment restricted to advances, loans and share premium, expenditure disallowance falls outside jurisdiction unless recorded satisfaction and prior approval permit conversion to complete scrutiny. The expenditure disallowance was therefore deleted, and the Revenue's appeal was dismissed.
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