NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
The dominant issue was whether share premium could be taxed as income under section 56(2)(viib) when the assessee had become a deemed public company. Since the assessee became a subsidiary of a public company in which the public were substantially interested, it qualified as a deemed public company under section 2(18). As section 56(2)(viib) excludes companies in which the public are substantially interested, the statutory condition for invoking section 56(2)(viib) failed; consequently, the share premium addition lacked legal foundation and was directed to be deleted, and the appeal was allowed. - ITAT
The dominant issue was whether share premium could be taxed as income under section 56(2)(viib) when the assessee had become a deemed public company. Since the assessee became a subsidiary of a public company in which the public were substantially interested, it qualified as a deemed public company under section 2(18). As section 56(2)(viib) excludes companies in which the public are substantially interested, the statutory condition for invoking section 56(2)(viib) failed; consequently, the share premium addition lacked legal foundation and was directed to be deleted, and the appeal was allowed. - ITAT
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