Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
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 4918 
