Home Highlights October 2015 Year 2015 This

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1. Revision u/s 263 by CIT- Taxability of shares received by way of Gift - The order of ld AO is not erroneous as Gift of shares of the Wockhardt Limited are not chargeable...

2. Transaction of shares - capital gain or business income - AO has not come to finding whether the assessee has carried out repetitive transactions of same share - treated...

3. Set off of accumulated unabsorbed losses - scheme of amalagamtion conceived - As on 31.03.2013, the assessee company had only 26% of equity shares in the transferor...

4. Addition u/s 56(2)(viia) - taking fair market value of buy back of shares by assessee from its holding company a company incorporated in USA - the provisions of section...

5. Unexplained cash credit u/s 68 - Genuineness of the transaction is in serious doubt because why some private limited companies would invest a huge sum into the share...

6. IT - Family arrangement by a deed – The sale proceeds earned by the assessee out of sale of shares held in private limited companies cannot be treated as the income of...

7. Companies (Incorporation) fourth Amendment Rules, 2016 to prescribe (i) Simplified Proforma for Incorporating Company Electronically (SPICE) and (ii) Conversion of a...

8. Levy of penalty u/s 271B - not getting books of account audited u/s 44AB - AO has given categorically finding that the assessee had made frequent transaction in both...

9. Assessee firm converted into Private Limited Company - Addition on account of Sales Tax refund - Since the assessee firm exist in assessment year under appeal and also...

10. 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...

11. Recovery of tax dues of the Company from Directors - Applicability of section 179 to public limited company - In the light of the language in which Section 179 of IT Act...

12. 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...

13. Disallowance of loss on sale of shares being stock in trade - The transaction in question, since was not related to the business activity of the assessee, therefore, the...

14. Gain from sale of shares - STCG or business income - CBDT Circular No.6/2016 - it is not the case of the AO that the assessee was churning the shares, buying and selling...

15. 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...