Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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ITAT held that the impugned shares were acquired by the assessee in a bona fide secondary market transaction in 2013 from a related concern and consistently reflected as investments in its balance sheet. The subsequent reduction of share capital pursuant to NCLT approval constituted a transfer taxable under the head "capital gains," and not "income from other sources." ITAT ruled that s.56(2)(viib) was inapplicable as there was no issue of shares at premium and that the AO wrongly applied the s.56 valuation methodology. For s.50CA, fair market value must be determined as on the actual date of transfer, which the assessee had substantiated. As the consideration was not below fair market value, s.50CA did not apply. The addition was deleted and the assessee's appeal allowed.
ITAT held that the impugned shares were acquired by the assessee in a bona fide secondary market transaction in 2013 from a related concern and consistently reflected as investments in its balance sheet. The subsequent reduction of share capital pursuant to NCLT approval constituted a transfer taxable under the head "capital gains," and not "income from other sources." ITAT ruled that s.56(2)(viib) was inapplicable as there was no issue of shares at premium and that the AO wrongly applied the s.56 valuation methodology. For s.50CA, fair market value must be determined as on the actual date of transfer, which the assessee had substantiated. As the consideration was not below fair market value, s.50CA did not apply. The addition was deleted and the assessee's appeal allowed.
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