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...
Revision u/s 263 - large share premium received - valuation of shares and the applicability of Section 56(2)(viib) - The Tribunal found that the PCIT's order was erroneous as it did not properly consider the assessee's provided documentation and valuation report under Rule 11UA of the Income Tax Rules. The Tribunal concluded that the original assessment order by the Assessing Officer (AO) was not erroneous, and thus, the exercise of power u/s 263 by the PCIT was incorrect.
Revision u/s 263 - large share premium received - valuation of shares and the applicability of Section 56(2)(viib) - The Tribunal found that the PCIT's order was erroneous as it did not properly consider the assessee's provided documentation and valuation report under Rule 11UA of the Income Tax Rules. The Tribunal concluded that the original assessment order by the Assessing Officer (AO) was not erroneous, and thus, the exercise of power u/s 263 by the PCIT was incorrect.
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