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Income Tax - Highlights / Catch Notes

Home Highlights January 2016 Year 2016 This

Reopening of assessment - allotment of shares at high premium - ...

Income Tax

January 29, 2016

Reopening of assessment - allotment of shares at high premium - Prima facie, the facts appear to be glaring - We are not inclined to terminate the assessment proceedings at this stage on the grounds pressed in service by the petitioners. - HC

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  1. Broadcasting service - allotment of airtime and uplink income - prima facie the activity was taxable - AT

  2. Renting of immovable property - lease agreement - levy of service tax on amounts collected by way of premium and rental - developing certain town - prima facie lease...

  3. Reopening of assessment u/s 147 - unexplained cash credit u/s 68 - AO has not formed a prima facie and independent belief in the reasons recorded that income has escaped...

  4. Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to...

  5. Addition u/s 56(2)(viib) - Value of share premium received on allotment of 31248 shares - Valuation report obtained from the merchant bankers even they have issued a...

  6. Levy of VAT Tax on sharing of the mobile towers - sharing of passive infrastructure - the activity being subjected to VAT does not prima facie arise - HC

  7. Reopening of assessment u/s 147 - excessive share premium - The High Court observed that, the reopening of an assessment requires a valid "reason to believe" based on...

  8. Joint venture / consortium partner agreement - sharing of revenue - one partner paid the service tax - prima facie case is in favor of assessee - AT

  9. Sharing of expenditure with group companies - demand under the BAS category prima facie not sustainable - assesse being paying service tax as BSS w.e.f. 1.4.2006, stay granted - AT

  10. Sharing of manpower between group companies - reimbursement of the expenditure - Levy of service tax - Such an activity does not, prima facie, come under the purview of...

 

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