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Income Tax - Highlights / Catch Notes

Home Highlights May 2021 Year 2021 This

Disallowance of redemption on account of provisions made for ...

Income Tax

May 11, 2021

Disallowance of redemption on account of provisions made for redemption of preference shares while computing the books profit u/s 115JB - Since the issue is fully covered in favour of the assessee in his own case - the CIT(A) is quite justifiable which is not liable to be interfere with at this appellate stage - AT

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

  2. 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...

  3. 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)...

  4. Addition towards provision for premium on redemption of debentures to book profit u/s 115JB - adjustments to book profit - provision created for premium payable on...

  5. Addition u/s 68 - conversion of preference share into equity share - the only doubt is that the value of share premium charged is not truly reflecting the intrinsic...

  6. Addition of provision made for doubtful debts while computing book profit u/s 115JA - Minimum alternate tax (MAT) - Said amount is to be added to the book profit - HC

  7. Disallowance u/s 14A r.w.r. 8D - the disallowances made u/s 14A of the Act r.w.r. 8D cannot be the subject matter of disallowances while determining the book profit u/s...

  8. Taxation of excess share premium received u/s 56(2)(viib) - basis of valuation - preference share versus equity shares - First it is to be decided that, which clause of...

  9. MAT - adjustment - adjustment of disallowance u/s 14A was not required to be made in Book Profits for the purpose of Section 115JB

  10. The disallowance made u/s 14A cannot be included in the book profit for the purpose of section 115JB - AT

 

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