https://www.taxtmi.com/caselaws?id=237855 The Appellate Tribunal directed the department to allow registration under section 12A and exemption under section 11 of the Act. The Tribunal upheld the reduction of Rs. 3,01,60,000/- made on account of capital receipts, emphasizing that the amount received as share capital was necessitated by SEBI directives for investment by the holding company. The Tribunal concluded that the amount should be taxed in the hands of the stock exchange and not the assessee, as it was intended to create share capital. The Tax Appeal was dismissed based on these findings. en-us Mon, 11 Feb 2013 00:00:00 +0530 Tue, 08 Oct 2013 22:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237855 The Appellate Tribunal directed the department to allow registration under section 12A and exemption under section 11 of the Act. The Tribunal upheld the reduction of Rs. 3,01,60,000/- made on account of capital receipts, emphasizing that the amount received as share capital was necessitated by SEBI directives for investment by the holding company. The Tribunal concluded that the amount should be taxed in the hands of the stock exchange and not the assessee, as it was intended to create share capital. The Tax Appeal was dismissed based on these findings. Case-Laws Income Tax Mon, 11 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237855