Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
ITAT held that section 56(2)(viib) applies only where the company receives consideration for issue of shares in the relevant previous year. Here, the consideration had already been received in an earlier year on issue of CCDs, and the impugned year involved only conversion of that existing liability into equity share capital and share premium, so the charging condition was not satisfied and the addition was deleted. On valuation under Rule 11U, the Tribunal held that the relevant balance sheet is the one drawn up on the valuation date, or the immediately preceding balance sheet if none is drawn up on that date. Since the valuation date linked to receipt of consideration was the earlier year, the audited balance sheet as at 31.03.2016 was correctly used.
ITAT held that section 56(2)(viib) applies only where the company receives consideration for issue of shares in the relevant previous year. Here, the consideration had already been received in an earlier year on issue of CCDs, and the impugned year involved only conversion of that existing liability into equity share capital and share premium, so the charging condition was not satisfied and the addition was deleted. On valuation under Rule 11U, the Tribunal held that the relevant balance sheet is the one drawn up on the valuation date, or the immediately preceding balance sheet if none is drawn up on that date. Since the valuation date linked to receipt of consideration was the earlier year, the audited balance sheet as at 31.03.2016 was correctly used.
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