TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
HC upheld ITAT's ruling that additions under s.68 were not warranted where shares were issued without monetary consideration through book entries. The transaction involved debiting goodwill account and crediting share capital account for share allotment. Since no actual cash was received by the assessee company and the book entries were satisfactorily explained, s.68 provisions were not attracted. The court emphasized that s.68 requires actual receipt of cash/consideration, not mere book entries. The colorable device argument was rejected as the transaction nature was properly documented and explained. Appeal dismissed in favor of assessee.
HC upheld ITAT's ruling that additions under s.68 were not warranted where shares were issued without monetary consideration through book entries. The transaction involved debiting goodwill account and crediting share capital account for share allotment. Since no actual cash was received by the assessee company and the book entries were satisfactorily explained, s.68 provisions were not attracted. The court emphasized that s.68 requires actual receipt of cash/consideration, not mere book entries. The colorable device argument was rejected as the transaction nature was properly documented and explained. Appeal dismissed in favor of assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
