Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
The ITAT held that the assessee, a start-up company with no past financials, had correctly adopted the Discounted Cash Flow (DCF) method for valuation of unquoted shares u/r 11UA. The rejection of the DCF method by the AO based on disclaimers by the valuer and comparison with actual performance was improper. The ITAT directed the AO to accept the valuation provided by the assessee and delete the additions proposed u/s 56(2)(viib). Additionally, the ITAT held that since the shares were issued to existing shareholders at a premium, the AO cannot invoke Section 68 for the share issue at Rs. 1. Consequently, the grounds raised by the assessee were allowed.
The ITAT held that the assessee, a start-up company with no past financials, had correctly adopted the Discounted Cash Flow (DCF) method for valuation of unquoted shares u/r 11UA. The rejection of the DCF method by the AO based on disclaimers by the valuer and comparison with actual performance was improper. The ITAT directed the AO to accept the valuation provided by the assessee and delete the additions proposed u/s 56(2)(viib). Additionally, the ITAT held that since the shares were issued to existing shareholders at a premium, the AO cannot invoke Section 68 for the share issue at Rs. 1. Consequently, the grounds raised by the assessee were allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
