Settlement application eligibility requires a pending assessment when filed, preventing an extra prior-eligibility condition from blocking considerati...
Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
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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TaxTMI 
TaxTMI 
of 4894 
