Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
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The ITAT held that u/s 56(2)(viib), addition on premium amount in excess of FMV for issuing Optional Convertible Preference Shares to holding company is unsustainable. The NAV method for valuation is valid only for equity shares, not OCPS. FMV based on equity shares for conversion is justified. Allotting shares to 100% holding company benefits existing shareholders, defeating the purpose of deeming provision u/s 56(2)(viib). CIT(A)'s decision is upheld as it aligns with law and facts. Revenue's appeal is dismissed.
The ITAT held that u/s 56(2)(viib), addition on premium amount in excess of FMV for issuing Optional Convertible Preference Shares to holding company is unsustainable. The NAV method for valuation is valid only for equity shares, not OCPS. FMV based on equity shares for conversion is justified. Allotting shares to 100% holding company benefits existing shareholders, defeating the purpose of deeming provision u/s 56(2)(viib). CIT(A)'s decision is upheld as it aligns with law and facts. Revenue's appeal is dismissed.
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