Register Price / Packages DEMO Option My Bookmarks Daily Newsletters Feedback/ Suggestions
Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


Case Laws Acts Notifications Circulars Classification Forms Manuals Articles News D. Forum Highlights Notes
TMI - e-Newsletter     TaxTMI    Seeking rectification in Form GSTR-1 - limitation...     TaxTMI    Validity of Orders passed u/s 73 - excess claim of...     TaxTMI    Penalty for Non-filing of monthly return - Seeking...     TaxTMI    Detention of the goods and vehicle - stock transfer...     TaxTMI    Refund of EDD - Period of limitation - Appellant...     TaxTMI    Additions on the basis of material seized during...     TaxTMI    Penalty u/s 270A - allegation of misreporting as...     TaxTMI    Estimation of income - bogus purchases - The...     TaxTMI    Rejection of application for registration u/s...     TaxTMI    Condonation of delay - substantial delay of 166...     TaxTMI    Unexplained cash credit u/s 68 - The Court...     TaxTMI    Validity of Reassessment notices issued unsigned -...     TaxTMI    Demand of late fee u/s 47(1) of the CGST / SGST Act...     TaxTMI    Validity Of Order passed u/s 73 - Denial of ITC...     TaxTMI    Validity Of Order passed u/s 73 - cryptic order -...     TaxTMI    Latest Case-Laws     TaxTMI    Latest Notifications + Circulars     TaxTMI    GST Council Decisions     TaxTMI       Right Stop
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2024 Year 2024 This

Addition u/s 68 - Share premium - Transaction in the nature of ...

Income Tax

February 19, 2024

Addition u/s 68 - Share premium - Transaction in the nature of Capital Account - violation of the provision of Section 78(2) of the Companies Act, 1956 - The High court found in favor of the appellant, stating that the share premium received on the issuance of shares is on capital account and does not constitute income. Even if there were violations of Section 78 of the Companies Act, 1956, it would not turn the share premium amount into a revenue receipt. The Assessing Officers failed to understand the difference between utilization of funds and the creation of share premium account in the books of accounts. - Accordingly, the additions so made by AO deleted.

View Source

 

← Previous Next →

 

You may also like:

  1. Addition u/s 68 - share capital and share premium - allegation regarding identity and creditworthiness - non appearance of director - addition cannot be sustained merely...

  2. Addition u/s 68 - share capital issued at the premium - unexplained cash credit - Assessee has fully discharged its onus cast under section 68 of the Act and proved the...

  3. Addition u/s 68 - addition in share capital and share premium, identity and creditworthiness of the share holders, valuation report - Since no cash was involved in...

  4. Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

  5. Addition u/s 68 - creditworthiness of investor unexplained - the documents submitted to prove the genuineness of transaction are itself from to be malaises created with...

  6. Addition u/s 68 - unexplained cash credits of share capital and security premium received - the assessee has routed its unaccounted income in the books of account in the...

  7. Addition u/s 68 - unexplained share premium and share capital - the assessee has substantially provided materials to prove the genuineness of the share holders apart...

  8. Addition of unexplained cash credit u/s 68 - whether nature and genuineness of the transaction of investment of Compulsorily Convertible Preference Shares ("CCPS") in...

  9. Addition u/s 68 - share capital and share premium received - The assessee had sufficient opportunity to place the facts and also to explain the nature and source of...

  10. Unexplained share capital/share premium - proof of genuine investors - the assessee has been able to prove identity of the share applicants, their creditworthiness and...

 

Quick Updates:Latest Updates

What's New:
    Latest Case Laws
What's New:
    Latest Notifications
What's New:
    Latest Circulars
A: FILING APPEAL BEFORE SUPREME COURT – LOW TAX EFFECT
A: A Simple Analysis of Duty Drawback
A: Can a Registered Person claim an Input Tax Credit of IGST whose Place ...
F: Composition scheme
H: Cancellation of GST Registration - Legal Validity of Retrospective Can...
H: Levy of penalty - goods were undervalued - The High Court, after caref...
H: Levy of Penalty u/s 129(3) of the Central Goods and Service Tax Act, 2...
H: Levy of GST - Royalty- seigniorage fee paid by the petitioner to the G...
H: Credit of TDS - Non-reflection of TDS credit in its 26AS statement - T...
H: Foreign Tax Credit u/s. 90 - denial of tax credit paid in the source c...
H: Penalty proceedings for a default committed by a deceased - legal repr...
H: Estimation of income - Bogus purchases - Second reopening assessment p...
H: Revision u/s 263 - Upon examination, the Tribunal found that the Asses...
H: Validity of the assessment order passed u/s 143(3) - Assumption of jur...
H: Lack of jurisdiction of AO in issuing notice u/s.143 (2) - Change of r...
H: Addition u/s 68 r.w.s. 115BBE - Bogus LTCG - The Tribunal examined the...
H: AO/CPC jurisdiction u/s 143(1) to carry out 43B(a) disallowance - The ...
H: Revocation of the custom broker license - The Tribunal observed that t...
H: Initiation of CIRP - Financial creditor within the meaning of sub-sect...
A: ADDITIONAL GROUNDS OF APPEAL AND ORDER IN APPEAL IN GST
A: Know the Challenges and Issues with GST
F: Sec 16(4) Reversal of ITC when 3B is filed belatedly
F: sales Against 0.1% GST- if export not done within 90 Days
C: Framework for Category I and II Alternative Investment Funds (AIFs) to...
C: Flexibility to Alternative Investment Funds (AIFs) and their investors...
N: Securities Contracts (Regulation) (Stock Exchanges and Clearing Corpor...
A: WRONG FIXATION OF FEES PAYABLE TO INTERIM RESOLUTION PROFESSIONAL
A: MANNER OF FILING APPEAL BY COMMISSIONER
A: Recovery proceedings not to be initiated against the former director o...
A: A simplified GST guide designed for commission agents and brokers.