SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
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The ITAT Delhi considered an appeal regarding the addition u/s 56(2)(viib) read with rule 11UA due to a difference in the valuation of shares, analyzing the impact of CBDT notification 81/2023 dated 25.08.2023. The notification states that if the difference between the issue price and the value adopted by the AO is 10% or less, the issue price will be deemed the fair value of shares. In this case, with a 2.21% difference, falling below the 10% threshold, the addition was deemed unsustainable. The amendment to Rule 11UA was seen as curative, aiming to address unintended consequences and make the provision workable. The retrospective application of the amendment was supported by judicial pronouncements to ensure a reasonable interpretation of the section. Consequently, the addition u/s 56(2)(viib) read with rule 11UA was found unsustainable, and the appeal of the assessee was allowed.
The ITAT Delhi considered an appeal regarding the addition u/s 56(2)(viib) read with rule 11UA due to a difference in the valuation of shares, analyzing the impact of CBDT notification 81/2023 dated 25.08.2023. The notification states that if the difference between the issue price and the value adopted by the AO is 10% or less, the issue price will be deemed the fair value of shares. In this case, with a 2.21% difference, falling below the 10% threshold, the addition was deemed unsustainable. The amendment to Rule 11UA was seen as curative, aiming to address unintended consequences and make the provision workable. The retrospective application of the amendment was supported by judicial pronouncements to ensure a reasonable interpretation of the section. Consequently, the addition u/s 56(2)(viib) read with rule 11UA was found unsustainable, and the appeal of the assessee was allowed.
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