Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
In a limited scrutiny selected to examine s.14A expenditure and capital/share capital, the AO lacked jurisdiction to make an addition u/s 69; CBDT instructions u/s 119 are binding and breach vitiates the assessment, and later rectification u/s 154 cannot cure a jurisdictional defect, hence the assessment u/s 143(3) was quashed as void. On succession of a proprietary business to a company, once conditions of s.47(xiv) were satisfied, revaluation and higher issue price of shares did not negate the exemption, so no capital gains arose u/s 45. Consequently, the capital credit representing net business transfer could not be taxed u/s 68 and was deleted. Gifts received through registered settlement deeds from specified relatives were held genuine; valuation differences did not attract s.68 or s.56(2)(x), so the addition was deleted. - ITAT
In a limited scrutiny selected to examine s.14A expenditure and capital/share capital, the AO lacked jurisdiction to make an addition u/s 69; CBDT instructions u/s 119 are binding and breach vitiates the assessment, and later rectification u/s 154 cannot cure a jurisdictional defect, hence the assessment u/s 143(3) was quashed as void. On succession of a proprietary business to a company, once conditions of s.47(xiv) were satisfied, revaluation and higher issue price of shares did not negate the exemption, so no capital gains arose u/s 45. Consequently, the capital credit representing net business transfer could not be taxed u/s 68 and was deleted. Gifts received through registered settlement deeds from specified relatives were held genuine; valuation differences did not attract s.68 or s.56(2)(x), so the addition was deleted. - ITAT
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