Home Highlights February 2013 Year 2013 This

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1. Addition u/s 56(2)(vii)(b) - valuation of land purchased by assessee - deemed gift under section 56(2)(vii)(b)(ii) - Assessee submitted that, actual deed could not be...

2. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

3. Deemed income from purchase of shares - purchases at lower price than FMV - addition u/s 69 OR u/s 56 (2)(vii)(C) - asset that has been transferred in this transaction...

4. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

5. Addition u/s 56(2)(viia) - deemed gift - Since the transaction of sale and purchase of shares is between related parties and both the companies are companies in which...

6. Addition u/s 56(2)(viib) - Thus the issue of shares at ‘face value’ by the amalgamated company (assessee) to the shareholders of amalgamating company in pursuance of...

7. Gift u/s 56(2) (vii) - scope of term relatives u/s 2(41) - Grant of exemption from income tax on gifts received - relatives as defined under Section 2(g) of the Senior...

8. Addition u/s 56(2)(vii)(b) - Purchase of property below circle rate / stamp value - since the assessee/co-owners has made part payment (part consideration of Rs. 3...

9. Addition u/s. 56(2)(viib) - transaction of sale of agricultural land - consideration as per the stamp value - The Tribunal admitted additional evidence provided by the...

10. Purchase of two industrial plots of land - addition as Income from other sources u/s 56(2)(vii)(b)(ii) - the fact that the proviso is applicable in the instant case does...

11. What is taxable u/s.56(2)(vi, is receipt of money without consideration - money received by the assessee from various trusts could not have been taxed u/s.56(2)(vi) of...

12. Deemed income u/s 56(2)(x) - Defective Show cause notice - Addition of Unexplained investment u/s 69 - charged to tax u/s 115BBE - The High Court found that the show...

13. Addition u/s 56(2)(vii) - As regards the contention of the CIT D/R this is only a paper transaction, we note that the AO has not doubted the transaction either during...

14. 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...

15. Deemed dividend under section 2(22)(e) - assessee has been taken the plea consistently that provisions of Section 2(22)(e) of the I.T. Act, 1961, would not apply in the...