Home Highlights August 2015 Year 2015 This

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1. Addition towards ROC expenses - section 35D provides amortization of certain expenses, which are in the nature of capital/intangibles/preliminary expenses, which have...

2. Disallowance of set-off u/s 70 of share trading business loss against income from profession - the assessee has been able to substantiate that the shares were purchased...

3. Deduction u/s 35D - "premium" collected by the appellant-Company on its subscribed share capital cannot be treated “capital employed in the business of the Company" -...

4. Payment of interest on share application money - Nature of expenditure - the assessee with an object to increase share capital has incurred expenses in the form of...

5. Capital gain - transfer of a capital asset by assessee to its subsidiary company - There are different shareholders of preference share capital other than the holding...

6. Determination and carry forward of long term capital loss in respect of shares held in Mahindra Shubhlabh Services Ltd., arising upon reduction in share capital by that...

7. Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

8. The assessee, an NRI and resident of USA, transferred a capital asset and derived capital gain. The asset comprised rights and interests acquired through an assignment...

9. Disallowance of expenditure u/s 35D - As the fee paid for increase in share capital is not fee for registration of company and hence is not amortised even u/s 35D(2)(c)(iii) - AT

10. Exemption u/s. 54EA - transfer of shares held as stock-in-trade - transfer of unlisted shares of DSPML is to be taxed under the head “capital gains” irrespective...

11. The ITAT considered the issue of addition u/s 2(22)(b) r.w.s. 56(2)(viia) concerning the treatment of bonus shares received by the assessee. The AO treated the bonus...

12. Assessee, registered in Mauritius with tax residency certificate, claimed long-term capital gains from sale of shares as exempt under Article 13(4) of India-Mauritius...

13. The assessee sold agricultural land during the year which the Assessing Officer (AO) treated as a capital asset, leading to levy of long-term capital gains tax. The...

14. Correct head of income - Gain on sale of shares - nature of purchase of shares either as “investment” or “stock-in-trade” - AO has not given any clear cut finding that...

15. CENVAT Credit - input service - the service of private placement of shares for raising capital is an input service and credit on the service is to be allowed - AT