Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The ITAT allowed the appeal of the assessee and deleted the addition under s.56(2)(viib) in respect of alleged excess share premium. The Tribunal held that the assessee validly exercised its statutory option to adopt the DCF method under Rule 11UA(2)(b) for valuation of unquoted shares, and the AO and CIT(A) lacked jurisdiction to substitute a different valuation. The Tribunal found the assessee's valuation justified and in accordance with law, set aside the impugned additions, and directed that the excess share premium be excluded from income. Appeal of the assessee is allowed.
The ITAT allowed the appeal of the assessee and deleted the addition under s.56(2)(viib) in respect of alleged excess share premium. The Tribunal held that the assessee validly exercised its statutory option to adopt the DCF method under Rule 11UA(2)(b) for valuation of unquoted shares, and the AO and CIT(A) lacked jurisdiction to substitute a different valuation. The Tribunal found the assessee's valuation justified and in accordance with law, set aside the impugned additions, and directed that the excess share premium be excluded from income. Appeal of the assessee is allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
