Personal liberty safeguards restrict arrest after court-directed GST appearance, requiring interim release where authorities overreach pending proceed...
Alternative statutory remedy and delay bar GST writ challenges despite pending rectification, while distinct subject matter permits parallel proceedin...
Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary head “Income from Other Sources” falls in Chapter IV F of the Act. Hence what is added u/s 68 of the Act cannot be treated as income from other sources. The provisions of ‘Income from Other Sources’ starts from section 56 and ends with Section 59 of the Act. Section 68 of the Act falls in totally different chapter altogether. - the provisions of section 68 of the Act are not applicable in respect of addition in the facts and circumstances of the instant case. - once it is not chargeable to tax at all under any of the provisions of the Act, it cannot be brought to tax under the head ‘Income from other sources’. - AT
Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary head “Income from Other Sources” falls in Chapter IV F of the Act. Hence what is added u/s 68 of the Act cannot be treated as income from other sources. The provisions of ‘Income from Other Sources’ starts from section 56 and ends with Section 59 of the Act. Section 68 of the Act falls in totally different chapter altogether. - the provisions of section 68 of the Act are not applicable in respect of addition in the facts and circumstances of the instant case. - once it is not chargeable to tax at all under any of the provisions of the Act, it cannot be brought to tax under the head ‘Income from other sources’. - AT
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