Home Highlights August 2014 Year 2014 This

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1. Restriction of disallowance - Bogus purchases - Restriction of disallowance @30% of total disallowance – addition of 12.5% net profit on bogus purchase is reasonable - AT

2. Addition u/s 68 - addition on account of share capital - the investor companies have withdrawn money from companies where funds were invested earlier and they invested...

3. Addition u/s 56 - allotment of shares cannot be equated with receipt of shares - receipt of share there should be shares in existence and a person holding such share...

4. Allowability of financial charges including interest expenditure - The assessee failed to produce documentary evidences, the end use of funds invested in subsidiary,...

5. Unexplained cash credit u/s 68 - share capital/share premium receipts - Despite substantial evidence provided by the appellant, including bank statements, share...

6. Liquidation of the Corporate Debtor / Company - Aggrieved Person - Members of the suspended Board of Directors - Considering the fact that the Appellant / Petitioner who...

7. Unexplained share capital - share premium and share application money - Ld.CIT(A) has noted as assessee has filed the confirmation letters, copies of ITRs, copies of...

8. Addition u/s 56(2)(vii)(c) - related person - allotment of equity shares @ Rs. 10/- - book value of shares prior to allotment worked out at Rs. 552/- per share - the...

9. Valuation of shares under Wealth Tax – depreciated value of a promoters' quota shares suffering restriction on free transferability - Rule 11 could only be a plausible method - HC

10. Private placement of securities - Allotment of Unsecured Fully Convertible Debentures (FCDs) in excess of 500 members - section 71(5) - However the restriction of 500...

11. Gain on sale of shares - capital gains or business income - buy back of shares by the borrowers - the object of trading in shares was lacking in as much as the financial...

12. FDI – e-Biz platform - GOI has enabled online filing of the Foreign Currency Transfer of Shares (FCTRS) returns for reporting transfer of shares, convertible debentures,...

13. Addition u/s 68 - unexplained credit - Onus to prove - share capital introduced - the assessee failed to explain the sources of investment of cash of Rs. 10 lacs each by...

14. The assessee invested its funds in the equity shares of a company incorporated outside India. The third proviso to Section 10(23C) clearly says that the assessee cannot...

15. TDS on rental -fifteen co-owners - each of the co-owners has a definite share in the building - Section 26 of the Act provides that where property consisting of...