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Income Tax - Highlights / Catch Notes

Home Highlights February 2015 Year 2015 This

Revenue authorities cannot change the character of receipt from ...

Income Tax

February 26, 2015

Revenue authorities cannot change the character of receipt from General Reserve to share premium Reserve and tax the same u/s 56(1) - AT

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  1. The unclaimed amounts out of the Guarantee Reserve Account received in earlier years was assessable to tax as the deposit had changed its character into income - HC

  2. Merely because part of the share capital is used as a working capital, the character of the receipt would not become a revenue receipt. - the gains on account of...

  3. Addition u/s 2(22)(e) - deemed dividend of income - the security premium reserve cannot be regarded as part of accumulated profits u/s 2(22)(e) and when such security...

  4. Nature/Character of receipt - subsidy receipt - revenue or capital receipt - Applicability of purpose test - section 2(24)(xviii) would be attracted, in principle, but...

  5. Transfer of company / shares without consent - change of hand of the asset including the land in question - authority rightly issued notice demanding transfer fee from...

  6. Revision u/s 263 by CIT - nature of compensation received for cancellation of the plot - the character of payment received as compensation by the transferee bears the...

  7. MAT computation u/s 115JB - whether the receipt on account of surrender of gift of shares is per se a capital receipt or a revenue receipt? - The tribunal ruled that the...

  8. Manufacture - Conversion of pure platinum to colloidal platinum catalyst - The name, character and use of the raw material (metallic platinum) thus, changes by its...

  9. Power of First Appellate Authority to change the character of the transaction - the correct interpretation to be given to clause (b) of Section 52(3) is to mean that the...

  10. 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...

 

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