Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
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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