Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Commissioner of Income Tax-IV Versus M/s Fortune Oceanic Products Ltd.

2015 (8) TMI 850 - DELHI HIGH COURT

Cessation of liability - whether the conversion of liabilities of the Assessee into equity share capital at a premium resulted in any benefit to the Assessee within the meaning of Section 28 (iv) or Section 41(1) (a) of the Act? - Held that:- The fin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ew. Indeed there was no cessation of liability on account of the allotment of shares in favour of the creditors. It has rightly been held by the ITAT that the decision in CIT v. T.V. Sundram Iyengar & Sons [1996 (9) TMI 1 - SUPREME Court] has no appl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

and Mr Satish Khosla, Advs. ORDER CM APPL 9725/2014(for condonation of delay in refiling the appeal) and ITA No. 245 of 2014 1. This appeal under Section 260A of the Income Tax Act, 1961 ('Act') is directed against an order dated 31st Octobe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

fects. The explanation for the delay is that there was change of counsel. The Court finds the said explanation to be wholly unsatisfactory. Nevertheless, the appeal has also been examined on merits. 3. The principal question was whether the conversio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

is that the conversion of loans into capital did not result in any benefit to the Assessee and that the nature of the liability essentially remained the same. The Court concurs with the said view. Indeed there was no cessation of liability on account .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version