Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Section 35D(2)(c) was held to allow deduction only to a company for expenditure connected with public subscription of its shares or debentures. The Tribunal applied strict construction and refused to extend that relief to a REIT constituted as a trust, since a business trust is neither a company nor deemed to be one under the Act. It further held that REIT units are legally distinct from shares or debentures, and their regulatory treatment under SEBI norms does not change that character for section 35D(2)(c). The disallowance of the public issue expense claim was therefore sustained.
Section 35D(2)(c) was held to allow deduction only to a company for expenditure connected with public subscription of its shares or debentures. The Tribunal applied strict construction and refused to extend that relief to a REIT constituted as a trust, since a business trust is neither a company nor deemed to be one under the Act. It further held that REIT units are legally distinct from shares or debentures, and their regulatory treatment under SEBI norms does not change that character for section 35D(2)(c). The disallowance of the public issue expense claim was therefore sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
