CBDT clarifies that the
view taken by Circular no. 10 dated Dec 31, 2018 [subsequently withdrawn by
Circular no. 2 / 2019] that Sec. 56(2)(viia) would not apply to fresh issuance
of shares, “would not be a correct approach, as it could be subject to abuse and
would be contrary to the express provisions and the legislative intent of Sec.
56(2)(viia) or similar provisions contained in Sec. 56(2)..”; Makes it clear
that “the said circular shall not be taken into account by any income-tax
authority in any proceedings under the Act.”; States that any view expressed by
Board vide Circular no. 10 of 2018 shall be considered to have never been
expressed.
Subscribe to:
Post Comments (Atom)
Requirement to dematerialize shares of private limited companies
The Ministry of Corporate Affairs in October 2023 had mandated private companies and their shareholders to dematerialize their shareholding...
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
1. Introduction: Every trust/charitable society/ NGO that wishes to claim the tax exemption benefits has to file Form 10A to seek fresh re...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
NECESSITY : Sometimes, in view of the expansion of the business, multiple increase in turnover and need for getting finances from the ...
-
Filing income tax returns (ITR) within the specified timelines under the Income-tax Act is not just a legal obligation but also crucial fo...
-
Earlier this year, the Mauritius Government approved the amendment to the India – Mauritius tax treaty, aligning it with the proposal of th...
-
This Tax Alert summarizes a recent instruction issued by the SEZ Division, Department of Commerce, clarifying various concerns relating t...
-
This Tax Alert summarizes a recent judgement of the Delhi High Court (HC) [1] dealing with the issue of denial of input tax credit (ITC) ...
-
Section 17(5)(c) and (d) of the Central Goods and Services Tax Act, 2017, blocks input tax credit for works contract services, goods or serv...
-
Clause of Section 17(5)
No comments:
Post a Comment