Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
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.
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