https://www.taxtmi.com/caselaws?id=448956 The ITAT Surat ruled on three key issues. First, regarding share premium addition under section 56, the tribunal found discrimination by the AO who accepted fair market value of Rs. 431.65 per share for non-resident Dubai company but rejected similar premium for Indian entities using the same DCF method. The addition was deleted as the valuation followed Income Tax Rules. Second, on excess depreciation claim for plant and machinery, the tribunal noted insufficient evidence of production commencement in August 2012 and remitted the matter back to AO for fresh examination with proper documentary evidence. Third, the assessment time limit challenge was dismissed as the one-year delay for information exchange was excludable, making the order timely. en-us Tue, 30 Jan 2024 00:00:00 +0530 Fri, 02 Feb 2024 07:51:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448956 The ITAT Surat ruled on three key issues. First, regarding share premium addition under section 56, the tribunal found discrimination by the AO who accepted fair market value of Rs. 431.65 per share for non-resident Dubai company but rejected similar premium for Indian entities using the same DCF method. The addition was deleted as the valuation followed Income Tax Rules. Second, on excess depreciation claim for plant and machinery, the tribunal noted insufficient evidence of production commencement in August 2012 and remitted the matter back to AO for fresh examination with proper documentary evidence. Third, the assessment time limit challenge was dismissed as the one-year delay for information exchange was excludable, making the order timely. Case-Laws Income Tax Tue, 30 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448956