Home Highlights March 2013 Year 2013 This

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1. Concerning the addition u/s 28(iv) for the amount credited to Capital Reserves on account of allotment of shares by the amalgamated company with respect to the shares...

2. The High Court held that the reopening notice issued u/s 148 against a non-existent entity, i.e., the amalgamating company that had ceased to exist due to an approved...

3. Addition u/s 56(2)(viib) - Thus the issue of shares at ‘face value’ by the amalgamated company (assessee) to the shareholders of amalgamating company in pursuance of...

4. Gain on sale of shares - Business income or Capital Gains - Adventure in the nature of trade - Just because the assessee has shifted from the IPOs and has made a...

5. Capital gain - Transfer of shares u/s 2(47) - assessee gets shares of Amalgamated Company in lieu of shares of amalgamating company - The taxable event is not just a...

6. Disallowance of share issue expenses during amalgamation u/s 35DD - there was need to increase in authorized share capital and therefore, such expenses cannot be...

7. Validity of reopening of assessment - notice against non existent entity / amalgamated company - Notices issued.

8. Validity of reopening of assessment u/s 147 - notice issued to a company which is non-existent on the date as it stood amalgamated with the appellant/petitioner - ts...

9. Determination of LTCG on sale of shares - period of acquisition - acquisition of shares on the basis of share certificates issued on amalgamation in lieu of the shares...

10. Creditworthiness of amalgamating companies - it is not open to the revenue to go into the amalgamation reserve as per amalgamation scheme approved by Hon’ble Calcutta...

11. Amalgamated company is entitled to set off and carry forward the brought forward business losses and unabsorbed depreciation of the amalgamating company from the very...

12. 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...

13. Assessment order passed on an non- existent entity - Fact of amalgamation was not disclosed in the business/organization column and the assessment order indicated the...

14. Cost of acquisition / Actual cost - Depreciation on assets taken over in pursuant to amalgamation - Value to be taken as "value fixed in pursuant to arrangement between...

15. Assessment order u/s.143(3) r.w.s.144C(13) on a non-existing entity - amalgamation of company - The assessment order, referring only to the name of the amalgamating...