Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT quashed reassessment u/s 147 finding AO failed to apply mind with undated reasons based on incorrect facts and uncorroborated information without independent verification. Tribunal held gift of equity shares completed on 09.04.2009 per gift deed dated 30.04.2009, applying doctrine of relating back principle. Since Section 56(2)(vii)(c) became effective from 01.10.2009 for AY 2010-11, provisions were inapplicable to gifts executed prior to effective date. AO erroneously treated entire Rs.100 per share including Rs.90 premium as taxable income contravening statutory provisions. Subsequent stamping on 18.09.2010 at company's request did not alter original gift completion date. No additions warranted for AY 2011-12. Appeal allowed.
ITAT quashed reassessment u/s 147 finding AO failed to apply mind with undated reasons based on incorrect facts and uncorroborated information without independent verification. Tribunal held gift of equity shares completed on 09.04.2009 per gift deed dated 30.04.2009, applying doctrine of relating back principle. Since Section 56(2)(vii)(c) became effective from 01.10.2009 for AY 2010-11, provisions were inapplicable to gifts executed prior to effective date. AO erroneously treated entire Rs.100 per share including Rs.90 premium as taxable income contravening statutory provisions. Subsequent stamping on 18.09.2010 at company's request did not alter original gift completion date. No additions warranted for AY 2011-12. Appeal allowed.
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