Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
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Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
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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