Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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