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TMI Blog2013 (10) TMI 310X X X X Extracts X X X X X X X X Extracts X X X X ..... ock Exchange Ltd. ('SKSE' for short) by way of share capital - Such investment was necessary due to directives of SEBI providing that SKSE and its members together shall hold 100% equity shares of the company and that the holding of SKSE should not be less than 51% of the value – Held that:- Amount was received by way of share capital which was compulsorily required to be invested by SKSE as per t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essed income of Rs. 3,29,51,982/-? 3. Though two separate questions are framed, principally the issue is with respect to granting reduction of Rs.3,01,60,000/- by the CIT(Appeals) on account of capital receipts out of the total assessed income of Rs.3,29,51,982/- as adopted by the Assessing Officer. The assessee had before the Assessing Officer explained that it had received the corpus fund from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... que duly establishing genuineness of such receipt, identity of parties and paying capacity was also proved. It was further noted that exemption under section 11 of the Act could not have been denied since the amount has not been given for day to day activities but for creating a corpus in the nature of capital. The view of the CIT (Appeals) however was not based solely on this later factor. He con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the reason that there was a directive of the SEBI for investment to be made by SKSE. The amount was received as share capital during the year under consideration and there is no dispute about the SKSE is assessed to tax. The amount is received by account payee cheque to the condition regarding genuineness, identity of the party and paying capacity of the party stands proved. Therefore, this amou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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