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...
Transfer of shares to a wholly owned subsidiary was a bona fide commercial reorganisation, not a colourable device, because the Revenue showed no sham, lack of commercial substance, or non-genuineness, and tax benefit alone could not invalidate the transaction. The Tribunal also held that the shares were capital assets and that section 47(iv) exemption applied since the assessee and subsidiary satisfied the statutory ownership conditions. The share valuation challenge failed because the Assessing Officer identified no specific defect in the recognised valuation method, assumptions, or projections. The addition was deleted.
Transfer of shares to a wholly owned subsidiary was a bona fide commercial reorganisation, not a colourable device, because the Revenue showed no sham, lack of commercial substance, or non-genuineness, and tax benefit alone could not invalidate the transaction. The Tribunal also held that the shares were capital assets and that section 47(iv) exemption applied since the assessee and subsidiary satisfied the statutory ownership conditions. The share valuation challenge failed because the Assessing Officer identified no specific defect in the recognised valuation method, assumptions, or projections. The addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
