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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Accrual of interest on refundable share application money - ...

Income Tax

September 19, 2015

Accrual of interest on refundable share application money - selection of assessment year - interest income has accrued only in the Assessment Year 1993-1994 and was taxable in that year only and not in the Assessment Year 1992-1993 - SC

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  1. Share application money cannot be equated with share capital and interest paid on share application money pending its allotment is allowable as revenue expenditure

  2. Assessment of accrued interest on investment – when the amount of unsecured load is converting into share application money and shares have been allotted, no interest...

  3. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

  4. Share application money received - No evidence has been brought on record by the Assessing Officer to prove that the share application money emanated from the coffers of...

  5. Addition u/s 68 - non independent application of mind - accommodation entries - share application money - Mere non production of Director of said share holder company...

  6. Share application money - additions u/s 68 - Other than the share application forms, no other agreement between the respondent and third companies had been placed on...

  7. Interest income - zero coupon money - interest earned by investing the surplus share money in bank deposits, such interest is taxable as income from other sources and...

  8. Set off & Carry forward business loss - change in share holding - share application money not to be considered for determination of percentage of share holding - AT

  9. Initiation of CIRP - NCLT admitted the application - Financial Creditors - Share Application Money in the event of non-allotment of shares - Loan/Debt or not - Share...

  10. Addition on account of share application and share premium money u/s 68 - assessee has received share application and share premium money from eleven investor companies...

 

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