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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Addition regarding claim of capital loss - redemption of the ...

Income Tax

July 3, 2019

Addition regarding claim of capital loss - redemption of the preference shares - in order to get the return on old investment, it has redeemed the shares by subscribing fresh shares with better return and term - it is decision for the benefit of the company and simply because it is reducing taxable income does not mean that it will become bogus - allowable capital loss

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  1. Addition towards undisclosed income being write back of redeemable non cumulative preference shares - write back of preference share capital cannot be taxed u/s 28(iv)...

  2. Correct head of income - sale consideration received by the assessee from redemption of preference shares including the premium- capital income or income from other...

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  4. Validity of reopening of assessment u/s 147 - A capital loss can never arise on the acquisition of shares but only on the transfer or sale of shares. In the second set...

  5. Redemption of preference shares - failure of the company to redeem or to pay dividend - The preference shareholders are not remediless and for redemption of preference...

  6. Short Term capital Gains - Transfer / Conversion of Redeemable Cumulative Convertible Preference Share and Fully Compulsory Convertible Preference Shares to equity...

  7. Addition u/s 68 - share capital and share premium - allegation regarding identity and creditworthiness - non appearance of director - addition cannot be sustained merely...

  8. Sanction to the proposed reduction of the Subscribed and Paid-up Equity and Preference Share Capital of the petitioner Company - scheme approved - HC

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  10. Addition of unexplained cash credit u/s 68 - whether nature and genuineness of the transaction of investment of Compulsorily Convertible Preference Shares ("CCPS") in...

 

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