Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
ITAT held that the addition u/s 56(2)(viib) in respect of share premium received by the assessee-company is unsustainable. It found no allegation or evidence from the AO of any unaccounted money being introduced, and the genuineness of the share subscription, routed through banking channels and utilised for repayment of loans, stood established. ITAT ruled that the lower authorities could not disregard the assessee's DCF-based valuation and registered valuer's report by mechanically substituting guideline value for land and ignoring brand valuation. It emphasised that the statute requires determination of fair market value, not adoption of guideline rates, and disallowed the AO/CIT(A)'s change of valuation method. Consequently, the valuation adopted by the assessee was upheld and the assessee's appeal allowed in full.
ITAT held that the addition u/s 56(2)(viib) in respect of share premium received by the assessee-company is unsustainable. It found no allegation or evidence from the AO of any unaccounted money being introduced, and the genuineness of the share subscription, routed through banking channels and utilised for repayment of loans, stood established. ITAT ruled that the lower authorities could not disregard the assessee's DCF-based valuation and registered valuer's report by mechanically substituting guideline value for land and ignoring brand valuation. It emphasised that the statute requires determination of fair market value, not adoption of guideline rates, and disallowed the AO/CIT(A)'s change of valuation method. Consequently, the valuation adopted by the assessee was upheld and the assessee's appeal allowed in full.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
