Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Concerning the addition u/s 28(iv) for the amount credited to Capital Reserves on account of allotment of shares by the amalgamated company with respect to the shares held in the amalgamating company, it was held that such allotment of shares is not a voluntary transaction. The benefit accruing to the assessee due to amalgamation by way of merger is not in the revenue field and not of an income nature. Therefore, there was no occasion to invoke Section 28(iv) of the Act. The amalgamation is not an adventure in the nature of trade, and this transaction is clearly a capital account transaction. Consequently, the capital reserve could not be considered as a benefit accrued to the assessee u/s 28(iv), and the order of the CIT(A) deleting the addition was upheld.
Concerning the addition u/s 28(iv) for the amount credited to Capital Reserves on account of allotment of shares by the amalgamated company with respect to the shares held in the amalgamating company, it was held that such allotment of shares is not a voluntary transaction. The benefit accruing to the assessee due to amalgamation by way of merger is not in the revenue field and not of an income nature. Therefore, there was no occasion to invoke Section 28(iv) of the Act. The amalgamation is not an adventure in the nature of trade, and this transaction is clearly a capital account transaction. Consequently, the capital reserve could not be considered as a benefit accrued to the assessee u/s 28(iv), and the order of the CIT(A) deleting the addition was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
