Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
Extended reassessment limitation in search cases requires asset-linked escaped income, invalidating additions based only on unexplained money or expen...
Enhanced tolerance band under section 43CA applies retrospectively, deleting qualifying deemed-sale additions while disputed stamp valuation requires ...
Customs transaction value rejection requires communicated reasonable doubt, while written reassessment acceptance preserves challenges to enhanced val...
Challenge-mechanism compliance clarifications permitted, while unilateral revised resolution plans may be refused under creditors' commercial discreti...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
