Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The ITAT held that the assessee had sufficiently established the identity, creditworthiness, and genuineness of the investors for share premium received. The initial onus was on the AO to allege suspicion through independent inquiry, not merely point out lacunae. Investors included reputed entities like Hero Group, Samvardhana Motherson, and Makesense Technologies. Valuation by a SEBI-registered merchant banker cannot be disturbed merely on suspicion. As the assessee qualified as a 'venture capital undertaking' u/s 10(23FB), provisions of Section 56(2)(viib) were inapplicable for share premium received from SEBI-registered venture capital funds. The assessee's appeal was allowed.
The ITAT held that the assessee had sufficiently established the identity, creditworthiness, and genuineness of the investors for share premium received. The initial onus was on the AO to allege suspicion through independent inquiry, not merely point out lacunae. Investors included reputed entities like Hero Group, Samvardhana Motherson, and Makesense Technologies. Valuation by a SEBI-registered merchant banker cannot be disturbed merely on suspicion. As the assessee qualified as a 'venture capital undertaking' u/s 10(23FB), provisions of Section 56(2)(viib) were inapplicable for share premium received from SEBI-registered venture capital funds. The assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
