Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Addition u/s 56(2)(viib) r.w.r 11UA - excess premium charged - issuance of preference shares to the director/ex-director of the assessee company - The ITAT held that there was no justification for the A.O to have triggered the deeming provisions of Section 56(2)(viib) i.e a counter tax evasion provision - The ITAT addressed the valuation dispute, emphasizing the distinction between preference shares and equity shares, particularly focusing on their characteristics and the applicable methods for determining their FMV. It was noted that preference shares, due to their nature, could not be valued using the same method as equity shares. - Matter restored back for redetermine the FMV of the subject preference shares subject to the tribunal's observations recorded as regards the mistakes/infirmities.
Addition u/s 56(2)(viib) r.w.r 11UA - excess premium charged - issuance of preference shares to the director/ex-director of the assessee company - The ITAT held that there was no justification for the A.O to have triggered the deeming provisions of Section 56(2)(viib) i.e a counter tax evasion provision - The ITAT addressed the valuation dispute, emphasizing the distinction between preference shares and equity shares, particularly focusing on their characteristics and the applicable methods for determining their FMV. It was noted that preference shares, due to their nature, could not be valued using the same method as equity shares. - Matter restored back for redetermine the FMV of the subject preference shares subject to the tribunal's observations recorded as regards the mistakes/infirmities.
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