Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
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Revision u/s 263 - issue of shares at premium - The Tribunal affirmed the PCIT's findings regarding the inadequacy of the AO's examination of the valuation of CCDs. It concluded that there was no error in discrediting the valuation method adopted by the appellant. - Despite the appellant's contentions regarding jurisdictional matters, the Tribunal upheld the validity of the orders passed by the PCIT and AO. - The Tribunal agreed with the AO's application of section 56(2)(viib) and the rejection of the DCF method, thereby affirming the addition made to the appellant's income.
Revision u/s 263 - issue of shares at premium - The Tribunal affirmed the PCIT's findings regarding the inadequacy of the AO's examination of the valuation of CCDs. It concluded that there was no error in discrediting the valuation method adopted by the appellant. - Despite the appellant's contentions regarding jurisdictional matters, the Tribunal upheld the validity of the orders passed by the PCIT and AO. - The Tribunal agreed with the AO's application of section 56(2)(viib) and the rejection of the DCF method, thereby affirming the addition made to the appellant's income.
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