Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
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 
of 4830 
Join Channel 
