Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
ITAT ruled that for AY 2015-16 and 2016-17, the Assessing Officer (AO) incorrectly applied Rule 11UA in determining fair market value (FMV) of shares. The tribunal found that the rule requiring FMV of underlying assets was only applicable from AY 2018-19. The AO should have valued shares using book value as per the balance sheet for the relevant assessment years. The CIT(A)'s order deleting additions under section 56(2)(vii)(c) was upheld, and the revenue's appeal was dismissed, finding no procedural or substantive irregularities in the assessee's share acquisition and valuation.
ITAT ruled that for AY 2015-16 and 2016-17, the Assessing Officer (AO) incorrectly applied Rule 11UA in determining fair market value (FMV) of shares. The tribunal found that the rule requiring FMV of underlying assets was only applicable from AY 2018-19. The AO should have valued shares using book value as per the balance sheet for the relevant assessment years. The CIT(A)'s order deleting additions under section 56(2)(vii)(c) was upheld, and the revenue's appeal was dismissed, finding no procedural or substantive irregularities in the assessee's share acquisition and valuation.
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