Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
The Tribunal held that the workings provided by the Department for determining the fair market value (FMV) of shares at Rs. 131.86 per share were not in accordance with Rule 11UA of the Income Tax Rules, 1962. The Tribunal had intended to adopt Rule 11UA for FMV determination and had directed the Department to furnish workings accordingly. However, the Department's workings did not consider figures from certain intermediary companies. In the assessee's wife's case, the Tribunal observed that the AO's valuation of Rs. 131.86 per share suffered from fallacies and was not as per Rule 11UA. The AO subsequently computed FMV at Rs. 70.59 per share u/r 11UA in the wife's case. The assessee sought rectification to substitute the FMV of Rs. 131.86 per share with Rs. 70.59 per share, which the Tribunal allowed, considering it an arithmetical mistake rectifiable u/s 254(2). The Tribunal directed the AO to adopt FMV of Rs. 70.59 per share and recompute capital gains accordingly in the assessee's case.
The Tribunal held that the workings provided by the Department for determining the fair market value (FMV) of shares at Rs. 131.86 per share were not in accordance with Rule 11UA of the Income Tax Rules, 1962. The Tribunal had intended to adopt Rule 11UA for FMV determination and had directed the Department to furnish workings accordingly. However, the Department's workings did not consider figures from certain intermediary companies. In the assessee's wife's case, the Tribunal observed that the AO's valuation of Rs. 131.86 per share suffered from fallacies and was not as per Rule 11UA. The AO subsequently computed FMV at Rs. 70.59 per share u/r 11UA in the wife's case. The assessee sought rectification to substitute the FMV of Rs. 131.86 per share with Rs. 70.59 per share, which the Tribunal allowed, considering it an arithmetical mistake rectifiable u/s 254(2). The Tribunal directed the AO to adopt FMV of Rs. 70.59 per share and recompute capital gains accordingly in the assessee's case.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4790
Join Channel
TaxTMI 
