Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The ITAT held that the addition under section 56(2)(viib) on the alleged difference between the fair market value and actual consideration for the allotment of equity shares was unsustainable. The valuation report, compliant with Rule 11UA, established the fair market value at Rs. 200 per share, reflecting intrinsic and prospective value, which was not rebutted by the revenue. Prior acceptance of the same share price in scrutiny proceedings and consistent financial data further supported the assessee's position. Additionally, the Tribunal ruled that the provision under section 56(2)(viib) could not be applied retrospectively to the Rs. 10 crore share application money received before its effective date. Consequently, the additions made by the AO and upheld by the CIT(A) were quashed, and the appeal was allowed in favor of the assessee.
The ITAT held that the addition under section 56(2)(viib) on the alleged difference between the fair market value and actual consideration for the allotment of equity shares was unsustainable. The valuation report, compliant with Rule 11UA, established the fair market value at Rs. 200 per share, reflecting intrinsic and prospective value, which was not rebutted by the revenue. Prior acceptance of the same share price in scrutiny proceedings and consistent financial data further supported the assessee's position. Additionally, the Tribunal ruled that the provision under section 56(2)(viib) could not be applied retrospectively to the Rs. 10 crore share application money received before its effective date. Consequently, the additions made by the AO and upheld by the CIT(A) were quashed, and the appeal was allowed in favor of the assessee.
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