Home Highlights June 2016 Year 2016 This

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1. Taxability of the amount received by the assessee from his HUF, in which he is a coparcener - money received without consideration -Taxability of gift received by the...

2. Addition on account of the receipts on dissolution of trusts - receipt in the capacity of beneficiaries - the addition cannot be upheld on the applicability of section...

3. Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot be taxed merely on conjecture or surmises. - The AO needs to bring on record evidence which proves that...

4. Addition u/s 56 - allotment of shares cannot be equated with receipt of shares - receipt of share there should be shares in existence and a person holding such share...

5. Addition u/s 56(2)(ix) - forfeited amount of application money collected on issuing shares against share warrants - The amount forfeited by the assessee out share...

6. Deemed income u/s 56(2)(vi) - before a plea based on section 56(2)(vi) can be taken, a foundation has to be laid that the transaction was without any consideration. - HC

7. Addition u/s. 56(2)(viib) in respect of share premium - The prime object of insertion of Sec. 56(2)(viib) was to tax excessive share premium received unjustifiably by...

8. Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial...

9. Waiver of loan amount - addition u/s 56(2)(vi) - amount received by the individual or HUF without consideration - It is not just a case where the bank has simply waived...

10. Addition invoking the provisions of Section 56(2)(ix) - advances received - AO observed that, the assessee had no intention to repay the creditors - The present case,...

11. Disallowance u/s 56(2)(viib) - issuance of shares with premium - share application money was received by the company from a non-resident company - since provisions of...

12. Taxability of excess money received by the assessee over and above the cost of acquisition/WDV - Provisions of section 51 would come into play in these circumstances as...

13. Receipt of amount without consideration - income from other sources u/s 56(2)(vi) - Amount received from employer’s various employee’s welfare trusts - when the income...

14. The fact that the trust had borne the tax at maximum marginal rate on its income has also not been controverted. Therefore the addition cannot be upheld on the...

15. Addition u/s 56(2)(viia) - purchase of shares of closely held company at 3.5 times of Book value - the provision of section 56(2)(viia) would be attracted in the case of...