Waiver of loan not used for acquisition fixed assets to be subject to tax under section 28(iv) since the benefit was not in nature of cash or money
ITAT clarifies that provisions of section 56(2)(x) and Rule 11UA would be inapplicable if company buys back its own shares under the buy back scheme
Delhi HC uphelds overriding effect of IBC on claims raised by tax department for period prior to approval of resolution plan
Chennai ITAT rules Cognizant’s Rs. 19,000 Crore buyback through scheme of arrangement to attract DDT
Successor entitled to claim depreciation on actual cost of assets being consideration actually paid to predecessor after revaluation of assets
ITAT clarifies on scope of the term ‘shares’ in the context of India-Mauritius DTAA, holds that having TRC is sufficient for claiming treaty benefits
Bombay HC allows benefit of Article 13(4) of India Singapore DTAA on capital gains and rejects Revenue’s contention on application of Article 24 (Limitation of Relief)
ITAT allows long term capital loss on intra group share transfer claimed through revised return
Section 56(2)(viia) would prevail over section 47(vi) for shares transferred on account of amalgamation
Mumbai ITAT holds that financial service business of the Assessee constitutes an undertaking and transaction qualifies as demerger as per section 2(19AA) of the Income-tax Act, 1961 (‘Act’) and therefore, not liable for dividend distribution tax (‘DDT’)1
Relying on the principles of real income theory, Bombay High Court rules that the amount withdrawn from escrow account shall be reduced from sale consideration for computing capital gains and hence not taxable
