Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Export Obligation Discharge Certificates for EPCG compliance cannot be questioned by Customs unless DGFT adjudicates and cancels them, so demands quas...
The dominant issue was whether share premium could be taxed as income under section 56(2)(viib) when the assessee had become a deemed public company. Since the assessee became a subsidiary of a public company in which the public were substantially interested, it qualified as a deemed public company under section 2(18). As section 56(2)(viib) excludes companies in which the public are substantially interested, the statutory condition for invoking section 56(2)(viib) failed; consequently, the share premium addition lacked legal foundation and was directed to be deleted, and the appeal was allowed. - ITAT
The dominant issue was whether share premium could be taxed as income under section 56(2)(viib) when the assessee had become a deemed public company. Since the assessee became a subsidiary of a public company in which the public were substantially interested, it qualified as a deemed public company under section 2(18). As section 56(2)(viib) excludes companies in which the public are substantially interested, the statutory condition for invoking section 56(2)(viib) failed; consequently, the share premium addition lacked legal foundation and was directed to be deleted, and the appeal was allowed. - ITAT
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