Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
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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