Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Page of 4807
Press 'Enter' after typing page number.
2741 to 2760 of 96140 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Section 56(2)(vii)(c) is discussed as applying where shares or securities are received from another person for inadequate consideration. The notes distinguish a fresh allotment from a transfer of existing property: newly issued shares arise from unissued share capital and do not pre-exist as property transferred by another person. On a strict construction of the deeming provision, the term "receives" is treated as requiring prior existence of the property. The discussion records that the provision was considered inapplicable to fresh share allotments, resulting in deletion of the related additions; the Revenue's challenge based on a sibling's earlier case was treated as academic.
Section 56(2)(vii)(c) is discussed as applying where shares or securities are received from another person for inadequate consideration. The notes distinguish a fresh allotment from a transfer of existing property: newly issued shares arise from unissued share capital and do not pre-exist as property transferred by another person. On a strict construction of the deeming provision, the term "receives" is treated as requiring prior existence of the property. The discussion records that the provision was considered inapplicable to fresh share allotments, resulting in deletion of the related additions; the Revenue's challenge based on a sibling's earlier case was treated as academic.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
