Home Highlights November 2015 Year 2015 This

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1. Real income - co-operative society - The interest paid on the share capital goes to reduce the interest collected by the society from its members and it did not form...

2. Addition u/s 56(2)(viia) - buy back of its own shares - The fact remains that the factum of extinguishment of the purchased shares by reducing the paid up capital of the...

3. 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....

4. Revision u/s 264 - Refund of excess tax paid - Admittedly, petitioner has paid more capital gains than what should have been paid. Capital gains has to be calculated on...

5. Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

6. Right to subscribe to shares in future - Section 45(1) provides that any profits or gains from the transfer of capital asset are taxable as capital gains, but then, even...

7. Excise duty refund claim - capital gain or busniss income - Where there is a refund of excise duty it would go to reduce the project cost/capital work in progress since...

8. IT - Co.operative society - the amount paid by the assessee as "interest on share capital", in the instant year, goes to reduce the gross interest collected by it from...

9. 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...

10. Share application money cannot be equated with share capital and interest paid on share application money pending its allotment is allowable as revenue expenditure

11. 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...

12. 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...

13. Addition regarding claim of capital loss - redemption of the preference shares - in order to get the return on old investment, it has redeemed the shares by subscribing...

14. Nature of incentive subsidy - Capital or revenue receipt - subsidy on the purchase of generator set - the same is capital subsidy and should go on to reduce the cost of asset - AT

15. 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...