SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
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 
TaxTMI 
of 4879 
