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Income Tax - Highlights / Catch Notes

Home Highlights March 2013 Year 2013 This

Taxability of shares issued by amalgamated comapny - the ...

Income Tax

March 21, 2013

Taxability of shares issued by amalgamated comapny - the amalgamation is not an adventure in the nature of trade and that this transaction is clearly a capital account transaction - Not taxable - AT

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  3. Amalgamated company is entitled to set off and carry forward the brought forward business losses and unabsorbed depreciation of the amalgamating company from the very...

  4. Creditworthiness of amalgamating companies - it is not open to the revenue to go into the amalgamation reserve as per amalgamation scheme approved by Hon’ble Calcutta...

  5. Whether the sale of property was adventure in the nature of trade - Held no - The sale of agricultural plot was not by way of business purpose - HC

  6. Classification of head of Income – adventure in the nature of trade or sale of capital asset - sale of property after getting the flats constructed - taxable as capital...

  7. Assessing Officer certainly cannot decide the nature of share transaction either as trading activity or investments solely on the basis of period of holding of the shares - AT

  8. Sale and purchase of agriculture land - adventure in trade - Merely because of the fact that the land was sold for profit, it cannot be held that income arising from the...

  9. Capital gain - Transfer of shares u/s 2(47) - assessee gets shares of Amalgamated Company in lieu of shares of amalgamating company - The taxable event is not just a...

  10. 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...

 

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