Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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.
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