Home Highlights March 2013 Year 2013 This

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1. Deemed dividend - Whether the receipt of share application money can be treated and recorded as loan, deposits and “any payment“ for invoking the provisions of section...

2. Addition u/s 68 - unexplained cash credit - share application money receipts - Even though there were circumstances leading to suspicion, yet having taken an action...

3. Addition on account of share application and share premium money u/s 68 - assessee has received share application and share premium money from eleven investor companies...

4. Share application money cannot be equated with share capital and interest paid on share application money pending its allotment is allowable as revenue expenditure

5. Deemed dividend u/s 2(22)(e) - refund towards share application money - the amounts debited to the Running account of the assessee cannot be considered as deemed...

6. Deemed dividend u/s 2(22)(e) - trading receipt i.e. in the course of the business - There may be several reasons for transferring the sum to the personal saving account...

7. Addition of bogus share application money u/s 68 - explanation to source of the source - with effect from assessment year 2013-14 section 68 of the Act has been amended...

8. Deemed dividend u/s 2(22)(e) - if the lending of money constitutes substantial part of business of the company, then the loan given by the company to its share holders...

9. Addition u/s 68 - unexplained share capital - Even though there were circumstances leading to suspicion, yet having taken an action u/s.132 and enquiries made in the...

10. Addition of deemed dividend under Section 2(22)(e) - quantum of accumulated profits - inclusion of share premium - The share premium account cannot partake the nature of...

11. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

12. Share application money received - No evidence has been brought on record by the Assessing Officer to prove that the share application money emanated from the coffers of...

13. Initiation of CIRP - NCLT admitted the application - Financial Creditors - Share Application Money in the event of non-allotment of shares - Loan/Debt or not - Share...

14. Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

15. Deemed Dividend - addition of advance salary as deemed dividend - advance was not in the nature of loan and hence cannot be treated as deemed dividend u/s 2(22)(e) - AT