Maral Overseas Ltd. v ACIT [2012] 20 taxmann.com 346 (Indore – Trib.)(SB) Deduction under section 10B not deniable merely because assessee was only granted certificate for enhanced capacity by way of amendment of original certificate and not a fresh sanction letter in form of certificate.
Yearly Archives: 2012
ITO v Ajay Shantilal Lalwani (2012) 145 TTJ511 (Pune) Facts of the case The assessee had purchased shares of a company in physical form and transferred to the demat account on a later date as the assessee was not having demat account at the time of purchasing the shares. When the assessee decided to sell the shares, he sent the shares for de-materialisation. He claimed exemption under section 10(38) for long term capital gains on sale of the said shares. During the assessment proceedings, copies of share certificates held by the assessee in physical form were also provided to the A.O, which contained complete relevant details viz address of Registered Office of the Company, signatures of the authorized signatory along with 2 directors’ signature, value of shares with paid up amount of shares purchased in each Company, date of issue of Certificate, Certificate No., Registered Folio, number of shares with their distinctive numbers, date of transfer of shares in the name of assessee and also copies of contract notes along with bills issued by share broker S.B. Buthra & Company. The A.O denied claimed exemption u/s. 10(38) of the Act in respect of Long Term Capital Gain mainly on the basis that there was a substantial delay in transferring the shares into D-MAT A/c.
Delayed transfer of shares from physical to Demat form – not a ground for denial ...
SEPCO III Electric Power Construction Corporation, In re (2012) 342 ITR 313 (AAR) The applicant was a Chinese company engaged in the business of supplying equipment for electric power projects. An Indian company awarded contract to the applicant for offshore supply. The scope of the work required the applicant to carry out design, engineering, procuring and transportation of the equipment for a thermal power plant to the port of loading. The applicant claimed that:
Offshore supply of equipment under the offshore supply contract not taxable u/s 9
Farida Holdings (P.) Ltd. v Deputy Commissioner of Income-tax [2012] 21 taxmann.com 462 (Chennai – Trib.) The assessee is a private limited company, mainly functioning in the role of a holding company over a number of hundred-percent subsidiary companies. The assessee company is exercising administrative control over the subsidiaries in its status as holding company. In that status the assessee company is also managing the financial affairs of its subsidiaries. The assessee company is monitoring the inflows and outflows of the subsidiary companies in its attempt to utilize the available funds to the maximum advantage of the group companies. The Assessing Officer found that the assessee company had received loan amounts from different subsidiaries and those borrowed funds were in turn advanced to other subsidiaries. According to the assessing authority, the loans obtained by the assessee from its subsidiaries were in the nature of deemed dividends as per section 2(22)(e) of the Income-tax Act, 1961 and, therefore, liable to be taxed.
No deemed dividend on advances made by Subsidiary Co where Holding Co advances the same ...
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