Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
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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