Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
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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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