Home Highlights May 2013 Year 2013 This

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1. HC allowed the reduction of the petitioner company’s share capital (Securities Premium Account) against the accumulated losses in the surplus/ (deficit) head of Reserves...

2. Assessment u/s 153A - Addition u/s 68 - Bogus share application money - nvestors are group companies - the assessee, in the instant case, has discharged the initial...

3. Disallowance of interest u/s 36(1)(iii) - advance to subsidiary companies - there is no finding by the AO that the subsidiary companies have not utilised the borrowed...

4. Reopening of assessment u/s 147 - Reasons to believe - The ITAT thoroughly examined the reasons recorded by the AO for re-opening the assessment and found that there was...

5. Validity of assessment proceedings - Assessment on Amalgamated company - Assessment on a company which has been dissolved and struck off the register of companies u/s...

6. Unexplained cash credit u/s 68 - Merely because the Investor Companies have shown meager income during the impugned assessment year, the same in my opinion, cannot be a...

7. Assessment against non existent company - name of company struck off by ROC - Assessment based on Seized Materials - The Tribunal noted that the Assessing Officer was...

8. Re-opening of assessment u/s 147 - notice beyond period of four years - change in the opinion or a later decision on the legal aspects - The High court finds no evidence...

9. Corporate Social Responsibility - Determination of net worth - Company fall within the purview of section 135 of Companies Act or not - Exclusion of reserves created...

10. Amendment to the power of the Registrar to reserve the name from the date of approval in case of new company and existing company - Section 4(5) of the Companies Act, 2013

11. Creditworthiness of amalgamating companies - it is not open to the revenue to go into the amalgamation reserve as per amalgamation scheme approved by Hon’ble Calcutta...

12. Validity of Assessment u/s 144B - Amalgamated company - once assessment order is passed against non-existing company, there would be no cure, even for filing of the...

13. Assessment order passed against non-existent company - Merger of company as per the scheme of Amalgamation into other company - Since the assessee company ceased to be...

14. Reopening of assessment - It cannot by any stretch of imagination be said that the A.O. has not gone through the tax audit report while framing assessment u/s 143(3)...

15. Undisclosed Capital gain - Scope of block assessment proceedings - AO is concerned only with undisclosed income and he has no power to consider material and evidence not...