Home Highlights August 2011 Year 2011 This

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1. Dividend declared but not claimed for more then 7 years - the petitioner is an 81 year old woman who was not aware even about the existence of the shares until recently...

2. Addition on account of unpaid dividends - Cessation of of liability - Additions u/s 41 - Unclaimed dividend transferred to General Reserve - the dividend so declared is...

3. Interest on refunds u/s 244A - unpaid portion representing tax as well as interest - The assessee is entitled for interest on unpaid interest.

4. Unpaid liabilities cannot be added as the assessee’s income under Section 41(1) merely because they remained unpaid for a sufficiently long time.... - HC

5. Interest earned on the aggregate escrowed amount - Liability of the petitioners to deposit to the Investor Education Protection Fund (IEPF) under Section 125 of the...

6. Slump Sale: Transfer under a scheme under the Companies Act can also attract Section 50B. - Article

7. Consideration for transfer of tenancy or leasehold rights -section 50C is not applicable. - Article

8. Deemed Dividend - addition of advance salary as deemed dividend - advance was not in the nature of loan and hence cannot be treated as deemed dividend u/s 2(22)(e) - AT

9. Application of Dividend Distribution Tax to Deemed Dividend

10. Levy of penalty u/s 271(1)(c) - The assessee clearly had a bonafide explanation for not adding the unpaid tax liabilities to its income since it was contesting the very...