Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Additions u/s 56(1) on account of share premium received by the assessee through allotment of shares to non-resident companies. The Tribunal observed that the transfer pricing adjustment made in the import price of equipment purchased from an associated enterprise was deleted in the earlier year, rendering the addition u/s 56(1) unsustainable. Furthermore, for assessments u/ss 153A/153C, post-search inquiries cannot form the basis, and the Assessing Officer cannot substitute their judgment over business decisions. Section 56(1) cannot be invoked to tax share premium, which is a capital receipt, as upheld by the Supreme Court and CBDT instructions. Consequently, the Tribunal dismissed the Revenue's appeal for both assessment years.
Additions u/s 56(1) on account of share premium received by the assessee through allotment of shares to non-resident companies. The Tribunal observed that the transfer pricing adjustment made in the import price of equipment purchased from an associated enterprise was deleted in the earlier year, rendering the addition u/s 56(1) unsustainable. Furthermore, for assessments u/ss 153A/153C, post-search inquiries cannot form the basis, and the Assessing Officer cannot substitute their judgment over business decisions. Section 56(1) cannot be invoked to tax share premium, which is a capital receipt, as upheld by the Supreme Court and CBDT instructions. Consequently, the Tribunal dismissed the Revenue's appeal for both assessment years.
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