Addition on account of negative reserves - The negative reserves ...

Case Laws Income Tax

May 11, 2021

Addition on account of negative reserves - The negative reserves would be nothing but premium receivable by the insurance company. However, there would always be a chance that policyholder might not continue with the insurance polity bought by him which would result in non-receipt of premium which was otherwise receivable by the insurance company. Therefore, the same could not be taxed. - AT

View Source

← Previous Next →

Addition on account of negative reserves - The negative reserves ...

Case Laws Income Tax

May 11, 2021

You may also like:

Insurance company - Adjustment of Negative Reserves - The negative reserves would be nothing but premium receivable by the insurance company. However, there would always...

Addition u/s 2(22)(e) - deemed dividend of income - the security premium reserve cannot be regarded as part of accumulated profits u/s 2(22)(e) and when such security...

Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

Addition u/s 68 - Share premium - Transaction in the nature of Capital Account - violation of the provision of Section 78(2) of the Companies Act, 1956 - The High court...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

Addition on account of share premium received by the assessee u/s 56(1) - income from other sources - the addition has been admittedly made by the ld. AO u/s.56(1) of...

The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

Claim of Refund and Interest on Refund - Unjust enrichment - amount claimed as refund was not charged to the profit and loss account but retained in 'receivables'...

MAT - Addition being excise subsidy received to the book profits, as a reserve according to Explanation (b) to Section 115JB - Since the reserve was not created by...

TP Adjustment - delayed receivables from AE - re-characterizing the delay in receipt of receivables as unsecured loan, the AO computed interest by applying rate of 4.33%...

Depreciation - Disallowance of amount released from reserves account under normal computation of income - The net result of the accounting entries passed in the books of...

Addition u/s 68 - unexplained cash credits of share capital and security premium received - the assessee has routed its unaccounted income in the books of account in the...

Addition u/s 68 - share capital issued at the premium - unexplained cash credit - Assessee has fully discharged its onus cast under section 68 of the Act and proved the...

Taxability of proceed of share premium u/s 56(1) - utilization of share premium account for not specified purposes - violation of section 78 of the Companies Act, 1956 -...

Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

Quick Updates: