Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 385 - AT - Income TaxAmount received on account of forfeiture of share application money by way of issue of share warrants - capital receipts OR revenue receipt - Held that:- Commissioner of Income Tax(A) has allowed assessee’s appeal in a right perspective by treating the amount of ₹ 94.80 lacs received as share application money for issuing of share warrants as capital receipt and not revenue receipt as it was not earned from regular business activities carried on by the assessee. We, therefore, find no reason to interfere with the order of ld. Commissioner of Income Tax(A) and uphold the same. See DCIT (OSD), Ahmedabad vs. Brijlaxmi Leasing and Finance Ltd.[2008 (2) TMI 516 - ITAT AHMEDABAD-B] - Decided against revenue
|