Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Assessee issued shares at fair market value computed as per Rule 11UA(2), but Assessing Officer (AO) and CIT(A) rejected valuation without justification. Statute mandates following prescribed method, AO cannot deviate. Assessee discharged burden of proving identity, creditworthiness and genuineness of transactions u/s 68. Additions u/ss 68 and 56(2)(viib) deleted, assessee's appeal allowed. CIT(A) erred in enhancing income u/s 56(2)(viib) without accepting valuation report as per rules. When statute prescribes procedure, authorities must follow it.
Assessee issued shares at fair market value computed as per Rule 11UA(2), but Assessing Officer (AO) and CIT(A) rejected valuation without justification. Statute mandates following prescribed method, AO cannot deviate. Assessee discharged burden of proving identity, creditworthiness and genuineness of transactions u/s 68. Additions u/ss 68 and 56(2)(viib) deleted, assessee's appeal allowed. CIT(A) erred in enhancing income u/s 56(2)(viib) without accepting valuation report as per rules. When statute prescribes procedure, authorities must follow it.
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