https://www.taxtmi.com/highlights?id=60142 Nature of receipt - money received by the assessee for issue of shares but the shares could not be issued due to contravention of FEMA guidelines - AO treated the same as gift by the assessee company or in terms of Section 28(iv) r.w.s. 2(24)(ix) - Alertpay Quebec was not the Holding Company of assessee company. Hence we hold that the observation made by the ld AO in this regard is factually incorrect. - AT en-us Mon, 18 Oct 2021 09:28:39 +0530 Mon, 18 Oct 2021 09:28:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60142 Nature of receipt - money received by the assessee for issue of shares but the shares could not be issued due to contravention of FEMA guidelines - AO treated the same as gift by the assessee company or in terms of Section 28(iv) r.w.s. 2(24)(ix) - Alertpay Quebec was not the Holding Company of assessee company. Hence we hold that the observation made by the ld AO in this regard is factually incorrect. - AT Highlights Income Tax Mon, 18 Oct 2021 09:28:39 +0530 https://www.taxtmi.com/highlights?id=60142