Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
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Rule 11UA(2) permits an assessee to choose either the NAV or DCF method for valuing unquoted equity shares. Where the NAV method is selected and the audited-financial-statement computation is not disputed, income-tax authorities may scrutinise the valuation only within that method and cannot substitute another approach; a share-premium addition based on rejecting the NAV valuation is therefore unsustainable. Income-tax authorities cannot sustain such an addition by determining alleged FEMA contraventions, particularly where no competent FEMA authority has alleged a violation. A right-share issue is not a colourable device without a demonstrated tax benefit or unaccounted-money element. The share-premium addition was directed to be deleted.
Rule 11UA(2) permits an assessee to choose either the NAV or DCF method for valuing unquoted equity shares. Where the NAV method is selected and the audited-financial-statement computation is not disputed, income-tax authorities may scrutinise the valuation only within that method and cannot substitute another approach; a share-premium addition based on rejecting the NAV valuation is therefore unsustainable. Income-tax authorities cannot sustain such an addition by determining alleged FEMA contraventions, particularly where no competent FEMA authority has alleged a violation. A right-share issue is not a colourable device without a demonstrated tax benefit or unaccounted-money element. The share-premium addition was directed to be deleted.
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