In a major relief to Sur Buildcon, BBN Transportation, and Goldstar Cement, the Income Tax Appellate Tribunal (ITAT), Delhi bench while deleting the addition of Rs. 36 Crores ruled that the no addition of share

In a recent development, the Special Judge for CBI Cases, Hyderabad has sentenced R. P. Garg, then AGM, Punjab National Bank, Banjara Hills, Hyderabad, Jitender Kumar Agarwal, then MD of M/s. Sheetal Refineries Limited, Sudhir

In the Commissioner of Income Tax vs. M/s. Shree Rama Multi-Tech Ltd. the Supreme Court held that the interest income earned out of the share application money is liable to be set off against the

The Delhi Income Tax Appellate Tribunal (ITAT) recently, while deleting the penalty imposed by the assessing officer, held that share application money received in cash by the company did not attract provisions of Section 269SS

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that no response to notice under Section 133(6) of Income Tax Act, 1961 that doesn't prove that entire transactions are bogus An

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench deleted the addition of Rs. 50.30 Crores on account of unexplained share application money. The sole issue raised by the Revenue, is against the deletion of addition

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) held that, Amount received as forfeiture of share application money for issue of share warrants is ‘capital receipt’ for the purpose of Income Tax Act, when

The Delhi Bench of the Income Tax Appellate Tribunal ruled that interest paid on share application is allowable as Business Expenditure. The grounds of appeal as raised by the revenue is that on the facts

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the genuineness of the share application money cannot be suspected without a proper inquiry by the Assessing Officer. In the instant case, the Assessing

The Income Tax Appellate Tribunal (ITAT) Delhi  bench held that forfeiture of share application money is capital receipt and not revenue receipt. Assessee V C Solutions Pvt. Ltd. after filing the return which was selected

In a recent case, the Delhi High Court set aside the assessment order which was made on wrongful allegation on non-current investment made in share application money of entity. AADI India Private Limited, the petitioner

The interest received on deposits made out of share application money during the period of construction of plant constitutes capital receipt and therefore, is not taxable under the provisions of the Income Tax Act, 1961,

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that an addition under Section 68 of the Income Tax Act, 1961, should not be made when share application money received from companies engaged in the

The Kolkata Income Tax Appellate Tribunal ( ITAT ) has recently held that accepting of share application money was not loan under section 269SS of the Income Tax Act 1961, no penalty could be levied

The Gujarat High Court quashed re assessment order as there was due explanation of ground of receipt of share application money. The petitioner, Gujarat Natural Resources Limited a company, engaged in the business of trading