Home Highlights May 2014 Year 2014 This

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1. Reopening of assessment u/s 147 - difference pointed out by the DVO in his valuation report - There should be a live link between the material coming to the notice of...

2. Taxability of share premium collected by assessee u/s.56(2)(viib) - fair market value of shares - when the assessee has substantiated share price to the satisfaction of...

3. Penalty u/s. 271B - delay in obtaining Tax Audit Report - Being a public sector unit, the assessee company after completion of statutory audit under Companies Act is...

4. Computation of LTCG - the valuer has taken the stamp value rate of year 2012 and worked its backward @ 10% growth rate to obtain FMV at 1.4.1981 - CIT(A)’s acceptance of...

5. Addition u/s 56(2)(viib) - Method of Valuation - share premium receipts - The Tribunal noted that the appellant had obtained a valuation report from a registered valuer,...

6. Estimation of cost of extraction of ore - AO gravely erred in relying upon the valuation report submitted by a Registered Valuer while assessing the income of the...

7. Additions u/s 56(2)(viib) - it is not denied that the assessee adopted clause (b) of Rule 11UA(2) of the Rules and accordingly obtained a Valuation Report from a...

8. Enhancement made by the Ld. CIT(A) u/s 251(1) r.w.s. 56(2) (viib) - AO substituted fair market value determined by the assessee through his own valuation - Assessees...

9. Determination of value of royalty through a Valuation Report of an expert - In case, AO was not satisfied or convinced with the Valuation Report of the expert valuer,...

10. Valuation - the fair market value of the property is dependent on several factors which influence valuation and there is no scientific or straight jacket method to value...

11. Capital Gains - valuation u/s 50C - AO has to record valid reasons, which are justifiable in law. He is not required to adopt an evasive approach of applying deeming...

12. Amendment of section 67A - Service Tax - Section 67A is proposed to be amended to obtain specific rule making powers in respect of Point of Taxation Rules, 2011

13. Unexplained investment u/s. 69 - DDIT (Inv.) could not have referred the question of cost of construction/valuation of the assessee’s building to the Valuation Officer...

14. Addition of share premium u/s 56(2)(viib) - Rule 11UA(2)(b) - rejection of valuation - there is no enabling provision under the Rule or the Act where AO has been given a...

15. LTCG - Legislature has intentionally not added word “land“ in the provision of Section 55(2(a) and therefore, the provision of section 55(2)(a)(ii) of the Act would not...