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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. Forfeiture of amount - Addition of amount forfeited by assessee on share warrants u/s 43(5) - amount received on account of forfeiture of amount due to non payment...

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

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

  7. The amount of forfeited share application money transferred to “warrant, forfeiture account” in the capital reserve, is a capital receipt only and cannot be taxed as...

  8. 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...

  9. Addition u/s 68 - unexplained cash credit - share application money receipts - Even though there were circumstances leading to suspicion, yet having taken an action...

  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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