Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
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Discounted Cash Flow valuation of shares issued by a newly incorporated company was recognised as a valid method for section 56(2)(viib) purposes, even before its later notification under Rule 11UA. Recognition by valuation professionals was distinguished from legislative notification, and the Net Asset Value method was considered unsuitable for a newly incorporated company. Although the valuation rule used mandatory language, the Assessing Officer was required to identify defects in the valuation report or methodology and could not replace projected returns with an independent estimate. Procedural valuation rules could not defeat substantive rights without a substantial legal breach. The share-premium addition was deleted and that deletion was affirmed.
Discounted Cash Flow valuation of shares issued by a newly incorporated company was recognised as a valid method for section 56(2)(viib) purposes, even before its later notification under Rule 11UA. Recognition by valuation professionals was distinguished from legislative notification, and the Net Asset Value method was considered unsuitable for a newly incorporated company. Although the valuation rule used mandatory language, the Assessing Officer was required to identify defects in the valuation report or methodology and could not replace projected returns with an independent estimate. Procedural valuation rules could not defeat substantive rights without a substantial legal breach. The share-premium addition was deleted and that deletion was affirmed.
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