https://www.taxtmi.com/caselaws?id=449552 The Madras HC set aside an assessment order for non-compliance with its previous directions. The assessing authority had imposed tax on share premium as income from other sources under Section 56(2)(viib) without determining the fair market value of shares as specifically directed by the HC. The court held that any order disregarding HC directions lacks jurisdiction and is invalid, citing SC precedent that authorities must follow law declared by higher courts. The matter was remanded for fresh assessment in compliance with court directions. en-us Fri, 19 Jan 2024 00:00:00 +0530 Mon, 06 May 2024 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449552 The Madras HC set aside an assessment order for non-compliance with its previous directions. The assessing authority had imposed tax on share premium as income from other sources under Section 56(2)(viib) without determining the fair market value of shares as specifically directed by the HC. The court held that any order disregarding HC directions lacks jurisdiction and is invalid, citing SC precedent that authorities must follow law declared by higher courts. The matter was remanded for fresh assessment in compliance with court directions. Case-Laws Income Tax Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449552