Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Issuance of shares to existing promoters was examined under section 56(2)(viib) with the central question being proper determination of fair market value (FMV). ITAT held that the assessing officer could not substitute the Discounted Cash Flow (DCF) method adopted under Rule 11UA and that the DCF valuation was based on reasonable assumptions, accordingly the premium was not excessive and the addition under section 56(2)(viib) was deleted. ITAT further held that no allegation of unaccounted funds existed so the related party infusion could not be taxed as deemed income; application of the NAV method produced an even higher FMV.
Issuance of shares to existing promoters was examined under section 56(2)(viib) with the central question being proper determination of fair market value (FMV). ITAT held that the assessing officer could not substitute the Discounted Cash Flow (DCF) method adopted under Rule 11UA and that the DCF valuation was based on reasonable assumptions, accordingly the premium was not excessive and the addition under section 56(2)(viib) was deleted. ITAT further held that no allegation of unaccounted funds existed so the related party infusion could not be taxed as deemed income; application of the NAV method produced an even higher FMV.
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