Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
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ITAT upheld the reopening u/s 147 and sustained the addition u/s 56(2)(vii)(b) treating excess share premium as taxable consideration. The Tribunal found the Chartered Accountant's DCF certificate defective and unreliable-projections were unverified, optimistic, and inconsistent with actual performance-thereby justifying the AO's rejection of the DCF method. Applying the NAV method, the AO's FMV determination (Rs.10 per share) was upheld as reasonable in light of the valuer's failure to follow ICAI guidance and to furnish requisite cash-flow, discount-rate and terminal-value analyses. The CIT(A)'s conclusions were affirmed and the assessee's appeal dismissed.
ITAT upheld the reopening u/s 147 and sustained the addition u/s 56(2)(vii)(b) treating excess share premium as taxable consideration. The Tribunal found the Chartered Accountant's DCF certificate defective and unreliable-projections were unverified, optimistic, and inconsistent with actual performance-thereby justifying the AO's rejection of the DCF method. Applying the NAV method, the AO's FMV determination (Rs.10 per share) was upheld as reasonable in light of the valuer's failure to follow ICAI guidance and to furnish requisite cash-flow, discount-rate and terminal-value analyses. The CIT(A)'s conclusions were affirmed and the assessee's appeal dismissed.
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