Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
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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