https://www.taxtmi.com/caselaws?id=438027 Section 14A disallowance was treated as limited to the expenditure actually incurred to earn exempt income, and the corresponding book-profit adjustment under section 115JB was sustained only to that extent because clause (f) of the Explanation covers expenditure relatable to exempt income. Section 56(2)(viia) was held applicable to shares received on amalgamation where unlisted shares are received for inadequate consideration, with the provision operating as a specific charging rule notwithstanding the general non-transfer character of amalgamation. The valuation and quantification issues were not finally determined and were remanded for fresh consideration under the prescribed valuation rules and the assessee's factual objections. en-us Fri, 28 Apr 2023 00:00:00 +0530 Mon, 18 Sep 2023 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438027 Section 14A disallowance was treated as limited to the expenditure actually incurred to earn exempt income, and the corresponding book-profit adjustment under section 115JB was sustained only to that extent because clause (f) of the Explanation covers expenditure relatable to exempt income. Section 56(2)(viia) was held applicable to shares received on amalgamation where unlisted shares are received for inadequate consideration, with the provision operating as a specific charging rule notwithstanding the general non-transfer character of amalgamation. The valuation and quantification issues were not finally determined and were remanded for fresh consideration under the prescribed valuation rules and the assessee's factual objections. Case-Laws Income Tax Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438027