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...
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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