Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
Charitable tree plantation and maintenance for environmental preservation treated as "charitable activity", exempt from GST under Notification 12/2017...
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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