Daily Updation 12-10-2014 Morning has a great meaning. Every morning d SUN says Wake up like me SKY says Aim my height WIND says Refresh like me and I say GOOD MORNING. CA. Vinay Mittal, Ghaziabad ------------------------------ IN THE VODAFONE CASE LAW BY DELHI HIGHT COURT Alleged short-fall in security premium couldn’t be charged to tax; Chapter X doesn’t include a charging provision: HC IT/ILT: • In the absence of a charging Section in Chapter X of the Act, it is not possible to read a charging provision into Chapter X of the Act - Chapter X of the Act is a machinery provision to arrive at the ALP of a transaction between AEs - Even Income arising from International Transaction between AE must satisfy the test of Income under the Act and must find its home in the charging provisions – Thus, whether any income arises in absence of any charging provision to tax capital account transaction in respect of issue of shares at a premium to the holding company – Held, No • Share premium received from a resident in excess of FMV of shares is brought into ambit of taxation under Section 56(2)(viib)- Whereas in this case what is being sought to be taxed is premium allegedly not received on issue of shares - Thus, whether the capital receipts received by the Petitioner on issue of equity shares to its holding company or the alleged short-fall between the so called FMV of its equity shares and the issue price of the equity shares can be considered as income – Held No -------------------------------------- Income-tax department does not have a preferential right in matter of payment of dues over right of secured creditors (including workmen) from proceeds received upon sale of mortgaged assets by Official Liquidator [2014]49 taxmann 75 (Gujarat) HIGH COURT OF GUJARAT Commissioner of Income-tax-II v. Official Liquidator of Gujarat Telephone Cables Ltd. -- With warm regards, CA. Vinay Mittal, FCA 34 Navyug Market, 2nd. Floor Ghaziabad - 201001 Mbl. 09910691575, 09310556351 vncgzb@gmail
Posted on: Sun, 12 Oct 2014 00:59:18 +0000
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