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Income Tax - Highlights / Catch Notes

Home Highlights May 2023 Year 2023 This

Addition u/s 56(2)(ix) - forfeited amount of application money ...

Income Tax

May 20, 2023

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 capital issued by it shall not fall within the scope of sec. 56(2)(ix) - Further, the said amount shall constitute a Capital receipt in the hands of the assessee. - Not taxable - AT

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