Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Section 56(2)(viib) and Rule 11UA require fair market value to be determined afresh each time unquoted equity shares are issued, so a valuation report from a prior year cannot automatically justify a later premium. A joint venture agreement may govern subscription terms between parties, but it cannot displace the statutory valuation requirement for income computation. On the facts, the assessee had not obtained a fresh DCF valuation for the year under appeal, and the AO had not secured an independent valuation. The earlier accepted report could not be rejected on the basis adopted by the AO, but the premium had to be examined again on a fresh valuation basis. The matter was remanded to the AO for reconsideration in accordance with law.
Section 56(2)(viib) and Rule 11UA require fair market value to be determined afresh each time unquoted equity shares are issued, so a valuation report from a prior year cannot automatically justify a later premium. A joint venture agreement may govern subscription terms between parties, but it cannot displace the statutory valuation requirement for income computation. On the facts, the assessee had not obtained a fresh DCF valuation for the year under appeal, and the AO had not secured an independent valuation. The earlier accepted report could not be rejected on the basis adopted by the AO, but the premium had to be examined again on a fresh valuation basis. The matter was remanded to the AO for reconsideration in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
