Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
Page of 4826
Press 'Enter' after typing page number.
6681 to 6700 of 96508 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
