Home Highlights January 2019 Year 2019 This

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1. 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...

2. Clarifications regarding GST in respect of certain services - TRU clarified 6 vital issues.

3. Addition u/s 56(2)(viia) - purchase of shares of closely held company at 3.5 times of Book value - the provision of section 56(2)(viia) would be attracted in the case of...

4. 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...

5. 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...

6. Addition u/s 56(2) - Allotment of shares - price less than the FMV - Merely by converting the share application money by allotting shares at a subsequent date cannot...

7. Addition u/s 56(2)(viia) - deemed gift - Since the transaction of sale and purchase of shares is between related parties and both the companies are companies in which...

8. Clarification regarding Proposal in the Finance Bill 2020 Clarification regarding Proposal in the Finance Bill 2020

9. Correct head of income - transactions of dealing in shares - The Appellate Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision regarding two key issues....

10. Reopening of assessment u/s 147/148 - failure to issue notice u/s 143(2) - reopening of assessment is not valid as the Income Tax Department has power to conduct the...

11. Validity of reopening of assessment u/s 147 - AO did not issue the notice under section 143(2) - It is the discretion of the Assessing Officer to accept the return of...

12. CBDT issues another Clarifications on the Income Declaration Scheme, 2016 (IDS)

13. Addition u/s 56(2)(viia) - purchase of shares at price more than its fair market value - The tribunal extensively reviewed the submissions and evidence presented,...

14. Addition u/s 56(2)(viib) - Share Capital - excessive Share premium - closely held company - Rule 11UA - Assessee has failed to explain and justify issue of preference...

15. 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...