Home Highlights June 2023 Year 2023 This

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1. Facilitating certain strategic disinvestment - Definition of "strategic Investment" has been amended to include sale of sharholding by CG/SG/PSU in a Public company or a...

2. Exemption u/s. 54EA - transfer of shares held as stock-in-trade - transfer of unlisted shares of DSPML is to be taxed under the head “capital gains” irrespective...

3. Addition towards undisclosed income being write back of redeemable non cumulative preference shares - write back of preference share capital cannot be taxed u/s 28(iv)...

4. Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently...

5. Correct head of income - sale consideration received by the assessee from redemption of preference shares including the premium- capital income or income from other...

6. Income derived from the sale of equity shares - business income or Long Term Capital Gain - the said equity shares not only for one year but for more than 16 years and...

7. Share income received from the Society - Society has claimed deduction u/s 80IAB, hence not suffered any tax - Since the income of the society was taxed separately as...

8. Sale of shares - Capital Gains or business income - it will not be appropriate to assess the income declared by the assessee from sale and purchase of shares as business...

9. 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...

10. Gain on sale of shares - accommodation entry or not - the income in question is a bonafide Long Term Capital Gain arising from the sale of shares and hence exempt from income tax

11. Whether the undisclosed income is agricultural income eligible for exemption u/s 10 of the Income Tax Act – 50% of the income treated as agriculture income - AT

12. Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

13. Exemption from income-tax - compensation received in respect of award or agreement which has been exempted from levy of income-tax vide section 96 of the RFCTLARR Act...

14. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

15. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...