Constitutional personal-liberty safeguards limit PMLA twin bail conditions where completed investigations lead to prolonged incarceration before trial...
Automated airline software subscriptions without human intervention fail technical-services characterisation and do not make available underlying tech...
Business support recruitment and training receipts qualify for presumptive business taxation, not professional taxation under technical consultancy ru...
Treaty exemption for foreign permanent-establishment management fees prevailed, while dividend expense disallowance remained limited to an accepted al...
Centralised assessment transfers: participation after requesting centralisation can bar technical jurisdictional challenges, while assessment disputes...
Binding precedent remains operative despite pending challenge, supporting deletion of interest disallowance when debt is converted into preference sha...
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For assessment year 2011-12, subsequently introduced share-premium taxation and the proviso requiring explanation of a resident shareholder's source of funds do not apply retrospectively. Share receipts must instead be tested under section 68 as then in force. Although an assessee has no automatic obligation to prove the source of source, the investor's bank trail, financial capacity, control of funds and surrounding circumstances remain relevant to creditworthiness and genuineness. Where a composite receipt includes share capital, premium, application money and investment-sale consideration, each component requires separate verification. Corporate and banking records are relevant but not conclusive; review should cover investor capacity, antecedent credits, valuation, underlying investments and commercial rationale.
For assessment year 2011-12, subsequently introduced share-premium taxation and the proviso requiring explanation of a resident shareholder's source of funds do not apply retrospectively. Share receipts must instead be tested under section 68 as then in force. Although an assessee has no automatic obligation to prove the source of source, the investor's bank trail, financial capacity, control of funds and surrounding circumstances remain relevant to creditworthiness and genuineness. Where a composite receipt includes share capital, premium, application money and investment-sale consideration, each component requires separate verification. Corporate and banking records are relevant but not conclusive; review should cover investor capacity, antecedent credits, valuation, underlying investments and commercial rationale.
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