https://www.taxtmi.com/caselaws?id=424435 The Tribunal condoned the delay in filing the Cross Objection, admitting it for adjudication. It held that the Assessing Officer stayed within the limited scrutiny parameters. The securities premium reserve was deemed taxable income due to a change in nature post-conversion. The disallowance of expenses was partly allowed pending verification. The Revenue's appeal was partly allowed, confirming the addition of the securities premium reserve as taxable income and directing further verification for the disallowed expenses. en-us Tue, 28 Jun 2022 00:00:00 +0530 Thu, 30 Jun 2022 09:35:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424435 The Tribunal condoned the delay in filing the Cross Objection, admitting it for adjudication. It held that the Assessing Officer stayed within the limited scrutiny parameters. The securities premium reserve was deemed taxable income due to a change in nature post-conversion. The disallowance of expenses was partly allowed pending verification. The Revenue's appeal was partly allowed, confirming the addition of the securities premium reserve as taxable income and directing further verification for the disallowed expenses. Case-Laws Income Tax Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424435