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Genuineness of Share Application Money can’t be suspected without Proper Inquiry: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the genuineness of the share application money cannot be suspected without a...

Share Application Money is ‘Capital Asset’ for the purpose of Income Tax Act: ITAT [Read Order]

Supreme Court confirms Addition for Bogus Share Application Money and Premium [Read Judgment]

Interest from Share Application Money can be Set Off against Public Issue Expenses: Supreme Court...

Share Application Money can’t be treated as Unexplained If AO doesn’t make any Investigation on...

Share Application Money cannot be deemed as Unexplained when the payment is Evident through Bank Details: Delhi HC [Read Judgment]

Recently a two-judge bench of Delhi High Court in Commissioner of Income Tax (Central) Vs. M/S Russian Technology Centre (P)Ltd. held that share application money cannot be deemed as unexplained when...

Interest on Deposits made out of Share Application Money during the Period of Construction of Plant is not Taxable: ITAT [Read Order]

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...

Interest Paid on Share Application Money is allowable as Business Expenditure: ITAT [Read Order]

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...

Amount Received as Forfeiture of Share Application Money for issue of Share Warrants is Capital Receipt, Not Taxable: ITAT Ahmedabad [Read Order]

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...

Delhi HC confirms 5 years ban of CA for issuing incorrect Share Application Money [Read Judgment]

Recently, in Council of Institute of Chartered Accountants of India v. Kailash Chander Agarwal & Anr, the division bench of the Delhi High Court found the ban of a Chartered Accountant for 5 years...

‘Share Application Money’ cannot be treated as Undisclosed Income: Bombay HC [Read Judgment]

While upholding the ITAT order, a division bench of Bombay High Court held that, Share application money cannot be treated as Undisclosed Income. The assessee company M/s. Likproof India P. Ltd is a...