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2013 (10) TMI 310 - GUJARAT HIGH COURTReceipt to be treated as capital receipt or revenue receipt - Granting reduction of Rs. 3,01,60,000/- made on account of capital receipts from total assessed income of Rs. 3,29,51,982/- - Received the corpus fund from the holding company i.e. Saurashtra Kutch Stock Exchange Ltd. ('SKSE' for short) by way of share capital - Such investment was necessary due to directives of SEBI providing that SKSE and its members together shall hold 100% equity shares of the company and that the holding of SKSE should not be less than 51% of the value – Held that:- Amount was received by way of share capital which was compulsorily required to be invested by SKSE as per the directives of SEBI. Payment was made through cheque - The amount was for the purpose of creating the share capital – Amount to be treated as capital receipt – Decided against the Revenue.
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