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 upheld the assessee's appeal and set aside the additions made by the AO. The Tribunal held that amendment to s.56(2)(viia) addresses allotment of existing unappropriated shares and does not extend to bona fide fresh issue/allotment by a company; therefore the AO's valuation-based addition on alleged share premium was unsustainable. Separately, additions treating sundry debtors and alleged investments as unexplained or fictitious were also quashed: where the AO has simultaneously held entire transactions to be non-genuine, he cannot selectively treat purchases/sales or claim sundry debtors as taxable in an earlier year. Consequently, all impugned additions were held illegal and deleted.
ITAT upheld the assessee's appeal and set aside the additions made by the AO. The Tribunal held that amendment to s.56(2)(viia) addresses allotment of existing unappropriated shares and does not extend to bona fide fresh issue/allotment by a company; therefore the AO's valuation-based addition on alleged share premium was unsustainable. Separately, additions treating sundry debtors and alleged investments as unexplained or fictitious were also quashed: where the AO has simultaneously held entire transactions to be non-genuine, he cannot selectively treat purchases/sales or claim sundry debtors as taxable in an earlier year. Consequently, all impugned additions were held illegal and deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
