Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Addition u/s 68 - transfer of equity share by way of gift - ...


Section 68: No Addition Warranted for Equity Share Gift Transfer Validated by Donor, Donee, and Company Certificate.

August 21, 2019

Case Laws     Income Tax     AT

Addition u/s 68 - transfer of equity share by way of gift - merely because the dematerialization request made by the assessee on 16/12/2007 it cannot be said that the share transfer did not happen on 23/1/2006 when the donee and the donor both confirmed the same along with the certificate of the company whose shares are transferred - no addition

View Source

 


 

You may also like:

  1. Addition u/s 68 - cash credit - assessee being a share broker - All the equity shares so purchased first came in the Demat account of the assessee broker and then has...

  2. 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...

  3. Addition u/s 68 - it is seen that the this Gift is given from donor's NRE bank account maintained with Axis Bank. It entails particulars of cheque number, date of giving...

  4. Addition u/s 68 - increase in share capital and share premium - As source of source is proved by the assessee in the instant case though the same is not required to be...

  5. Addition u/s 68 - So far as the two other donors are concerned, we find that both of them are agriculturist which is supported by their land holdings. The amounts of...

  6. Addition u/s 68/56(2)(v) - Donors very grim financial background does not justify gift of such a large sum, creditworthiness/financial capacity of donors not proved....

  7. Addition u/s 69C OR 68 - Addition of share application money - Wrong mention of section - opening balance was carried forward - it is outside the ambit of section 68 - No addition.

  8. The SC held that the oral gift executed in 1953 was valid. The gift was for past services rendered and did not impose any future obligation on the donees. All conditions...

  9. Addition u/s 68 - the theory of gift was not established by the assessee. The so called transfer through an NRO account was also self-serving because, the amount was...

  10. Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

  11. Addition u/s 68 - share capital and share premium - any addition which deserved to be made should have been made in the hands of the share applicants who have shown...

  12. Addition u/s 68 - receipt of gift - the primary onus to establish the identity and creditworthiness of the concerned donors as well as the genuineness of the relevant...

  13. Reopening of assessment u/s 147 - transfer of shares as gift - While initially contention of the petitioner that such transfer of shares was a gift without consideration...

  14. Unexplained share capital and premium received by assessee company was its own unaccounted money flowing back in form of premium on share allotment. Assessee filed...

  15. 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...

 

Quick Updates:Latest Updates