Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Shares allotted at premium based on valuation report following DCF method. AO rejected report without pointing errors. ITAT held valuation not an exact science, cannot be done with arithmetic precision. Shares subscribed by outside investor, a reputed corporate group, not a related party. Hence, no infirmity in CIT(A) order deleting addition u/s 56(2)(viib). Disallowance u/s 36(1)(iii) on interest expenditure deleted by CIT(A) as zero coupon debentures were consideration for transfer of assets, not investment. ITAT upheld CIT(A)'s view. Interest-free deposit given had sufficient own funds, no disallowance u/s 36(1)(iii) warranted as per Bombay High Court ruling. Assessee's appeal allowed on this issue.
Shares allotted at premium based on valuation report following DCF method. AO rejected report without pointing errors. ITAT held valuation not an exact science, cannot be done with arithmetic precision. Shares subscribed by outside investor, a reputed corporate group, not a related party. Hence, no infirmity in CIT(A) order deleting addition u/s 56(2)(viib). Disallowance u/s 36(1)(iii) on interest expenditure deleted by CIT(A) as zero coupon debentures were consideration for transfer of assets, not investment. ITAT upheld CIT(A)'s view. Interest-free deposit given had sufficient own funds, no disallowance u/s 36(1)(iii) warranted as per Bombay High Court ruling. Assessee's appeal allowed on this issue.
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