https://www.taxtmi.com/caselaws?id=219118 The Court held in favor of the appellant, a subsidiary of a US company, in a tax dispute concerning the treatment of share application money and loan amounts. The Court ruled that the amounts in question were on capital account, not subject to taxation under Sections 28(iv) and 41(1) of the Act. The Court emphasized the original nature of the receipts as capital, supported by relevant case law, and distinguished between trading and capital assets. The appeal was partly allowed, with a specific aspect remanded for further determination. en-us Tue, 20 Nov 2012 00:00:00 +0530 Wed, 05 Dec 2012 09:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219118 The Court held in favor of the appellant, a subsidiary of a US company, in a tax dispute concerning the treatment of share application money and loan amounts. The Court ruled that the amounts in question were on capital account, not subject to taxation under Sections 28(iv) and 41(1) of the Act. The Court emphasized the original nature of the receipts as capital, supported by relevant case law, and distinguished between trading and capital assets. The appeal was partly allowed, with a specific aspect remanded for further determination. Case-Laws Income Tax Tue, 20 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219118