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Income Tax - Highlights / Catch Notes

Home Highlights March 2017 Year 2017 This

Amount received on account of forfeiture of share application ...

Income Tax

March 9, 2017

Amount received on account of forfeiture of share application money by way of issue of share warrants - capital receipts OR revenue receipt - It is capital receipt and not revenue receipt as it was not earned from regular business activities carried on by the assessee - AT

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  1. Addition on account of forfeiture of shares application money - since the amount is capital in nature the same cannot be brought to tax. - AT

  2. 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...

  3. 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...

  4. Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

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

  6. 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...

  7. 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...

  8. Addition u/s 68 - share application money received from 6 different companies unexplained - The learned CIT-A did not utter a word in his whole order that what would be...

  9. Addition u/s 68 - assessee has substantiated the transaction regarding share application money received by it was genuine transaction and the same were not accommodation...

  10. Addition on share application money received – the only evidence which has been referred by the AO is statement of third parties recorded by the Investigation Wing -...

 

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