Home Highlights April 2014 Year 2014 This

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1. Reduction of issued, subscribed, and paid-up equity share capital u/s 66 of the Companies Act, 2013. Compliance with Sections 66(1), 66(2), and 66(3) satisfied....

2. Addition u/s 56(2)(viib) - valuation under Rule 11UA (2) - Even if preferential shares and equity shares are considered to be falling within the purview of Section...

3. Short Term capital Gains - Transfer / Conversion of Redeemable Cumulative Convertible Preference Share and Fully Compulsory Convertible Preference Shares to equity...

4. Conversion of partly up equity shares into fully paid-up equity shares - the board of directors are well within the powers to make a call on the shareholders in respect...

5. Taxation of excess share premium received u/s 56(2)(viib) - basis of valuation - preference share versus equity shares - First it is to be decided that, which clause of...

6. Addition u/s 56(2)(viib) - application of Rule 11UA - FMV of redeemable preference shares - sub-Rule (2) of Rule 11UA deals valuation in respect of unquoted equity...

7. Addition u/s 68 - conversion of preference share into equity share - the only doubt is that the value of share premium charged is not truly reflecting the intrinsic...

8. Addition u/s 56(2)(viib) r.w.r 11UA - excess premium charged - issuance of preference shares to the director/ex-director of the assessee company - The ITAT held that...

9. Valuation of gifted shares - Explanation to Rule 2(9) of Part A, Schedule III of the W.T. Act. The certificate from the concerned stock exchange is only to state whether...

10. The ITAT held that u/s 56(2)(viib), addition on premium amount in excess of FMV for issuing Optional Convertible Preference Shares to holding company is unsustainable....

11. Reduction of share capital - Even though the public shareholders/non promotor shareholders had objected to the reduction of share capital in the EGH but the majority...

12. RBI decided to permit issue of equity shares / preference shares under the Government route of the FDI scheme for certain categories of transactions

13. Nature of expenditure - addition of write off of investments - the claim of loss accruing or arising as investment in equity shares, non-convertible debentures and zero...

14. Revision u/s 263 - issue of bonus shares would amount to distribution of dividend or not - the assessee has issued only equity shares and there are no preference shares....

15. Taxation of capital gains proposed to be rationalized and simplified. Holding periods reduced to two categories: 12 months for listed securities, 24 months for other...