Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
ITAT held that for a 100% subsidiary of a listed parent company, Section 56(2)(viib) does not apply when shares are issued at premium. The tribunal determined that since the assessee is a wholly owned subsidiary of a listed entity, it qualifies as a company with substantial public interest. Following precedent in a similar case, the tribunal upheld the lower appellate authority's order, finding no infirmity in the interpretation. Consequently, the revenue's appeal was dismissed, and the additions made by the Assessing Officer were deleted, affirming the subsidiary's exemption from the specified tax provision.
ITAT held that for a 100% subsidiary of a listed parent company, Section 56(2)(viib) does not apply when shares are issued at premium. The tribunal determined that since the assessee is a wholly owned subsidiary of a listed entity, it qualifies as a company with substantial public interest. Following precedent in a similar case, the tribunal upheld the lower appellate authority's order, finding no infirmity in the interpretation. Consequently, the revenue's appeal was dismissed, and the additions made by the Assessing Officer were deleted, affirming the subsidiary's exemption from the specified tax provision.
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