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Income Tax Officer. No, As it is not commercial transaction and it is amongst relatives as defined in section 56, section 56 2 vii not applicable. Yes, as words used in section 56 2 viib are shares and not equity shares and hence, provisions of section 56 2 viib are applicable to issue of preference shares. However, valuation is to be done at Book value method. Whether optionally convertible debentures or mandatory convertible debentures would come within purview of this section?

When shares are issued with clear source and AO is satisfied with source but issue price is higher than fair market value, whether this would come within provisions of this section? Memorandum stated that this section is introduced to avoid flow of unaccounted money. As source is established, unaccounted money is not there, literal meaning is not to be taken but liberal meaning is to be taken. P K Verghese sc with reference to section 52 2 ii.

Decisions relied upon while giving above decision of Vani Estate. Allied Motors P. CIT v. Nagaraja Rao [] 21 taxmann. Ltd v. Lalithaa Jewellery Mart P. KDA Enterprises P. If a company has taken intrinsic value of intangible assets and immovable property based on valuation reports received for which accounting entry of difference between market value and book value was not passed in books of accounts.

FMV can be rejected by AO? When AO made inquiry for issue of shares and had accepted one method prescribed in rule 11UA, whether CIT A can change calculation and enhance income without bringing any defect in valuation done? To choose any one method out of three alternatives prescribed in section 56 2 viib is right of assessee. CIT A without bringing any wrong doing in calculation, cannot change the calculation and enhance the income.

No, he has to bring material on record to prove that previous calculation was defective and without doing so he cannot invoke provisions of section No as section 2 18 consider such company as company in which public are substantially interested and to such company provisions of section 56 2 viib are not applicable? Can he do so? Enterprises Business Solutions P.

AO can reject method adopted by assessee if he is not provided details called for or if he can prove that projection or estimation done by the management and relied by valuer are not scientific. Can auditor certify valuation report of company which he is auditing either as statutory auditor or tax auditor? AO can reject such report? No, there would always be difference between projections and actuals. AO has to see basis and assumptions for projection and if they are not scientific, then only report can be rejected but on ground of deviation, it cannot be rejected.

So far as waiver of principal amount is concerned, it is capital receipt and it is not taxable. However, department may try to tax the principal amount applying provisions of section 56 2 x of Income Tax Act, Section B provides that income referred to in section 2 24 viii shall be taxable in previous year in which it is received, if not charged to income tax in any earlier previous year.

So, section B says that income referred in section 2 24 xviii would be taxable in the year in which it is received. It has nothing to do with accrual. One may book the income on accrual basis as per consistent practice followed by the entity but so far as income tax is concerned, it is taxable in year in which it is received. ICDS VII says that it should be accounted when there is reasonable assurance that all the terms and conditions attached to grant or subsidy shall be complied and the grant shall be received.

Recognition of government grant should not be postponed beyond the date of actual receipt. When the grant is received in relation to depreciable asset, it should be reduced from the value of addition to asset or WDV of block as the case may be. The grant of revenue nature like for compensation of loss or expenses should be booked as income. Under income tax Act also, Explanation to clause i to section 43 provides that grant attached to capital asset should be reduced from block of asset to which said assets belong.

However, section 2 24 xviii provides that all grant subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement by whatever name called by Central Government or state Government or any authority or body or agency in cash or kind shall be taxable as it forms part of definition of income.

Two exceptions are provided viz. So, section 2 24 xviii does not say any thing whether received or accrued. Under such circumstances which will prevail over what is a major controversy. Notification No. It is also to be taken into consideration that ICDS were applicable from AY and section 2 24 xviii was applicable from Prior to , old provisions were applicable.

Another question which arises whether subsidy or grant given by welfare scheme like kisan subsidy, LPG subsidy, housing subsidy etc. As per provisions of section 2 24 xviii , it would be taxable but CBDT press release dated has clarified that LPG subsidy or other welfare subsidies shall not be income as per provisions of section 2 24 xviii of Income Tax Act, Over and above there may be controversies and questions in the minds of people. I have tried to discuss the issues that came to my mind and put before readers my views on subject.

Still people will plan on provisions of section 56 2 x r. Still amendments will come on issues where tax planning would be done and the game of rat and cat would continue. I have tried to collect as much material as possible and put before readers. There are some cases where decisions which I have given in favor of assessee, there are decisions against the assessee by some ITAT or court but the said decisions are such where the contention as taken in decision in favor of assessee were not argued or considered.

I hope the article will be of some help in understanding complicated provisions of section 56 2 of Income Tax Act, However, both of these judgements are mutually conflicting. Please send your email id and mobile number to contact you regarding having a webinar on this subject or on other topic of your interest but for the benefit of members at large of Bulandshahr Branch of CIRC. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email. Notify me of new posts by email. The compilation will prove invaluable as a ready-reckoner of all important case laws on section 56 2 of the Act 1. Dividend as defined in section 2 22 56 2 Ib to till date Winning from lotteries, cross word puzzle, races, horse races, card games, other games, gambling, betting — Lottery is defined in explanation i to section 2 Transfer is defined in section 2 Jewellery is defined in section 2 14 ii 56 2 xi to till date Compensation or other payment due or received on termination of his employment or modification of terms and conditions relating to termination of employment On termination it was not due to employer employee relationship and was not taxable under head salary 3.

No, because when money is received, they are not shares but debt instruments. No, accounting entry cannot be base for determining FMV. No, AO is not authorized to do so and selection of method is right of assessee. In which circumstances? Auditor cannot certify valuation report and AO can reject the same. Disclaimer: The contents of this document are solely for informational purpose.

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I have tried to discuss be of some help in my mind and put before 56 2 of Income Tax. AO can reject method adopted intrinsic value of taxmann ready reckoner betting assets accepted one method prescribed in valuation reports received for which to grant or subsidy shall be complied and the grant by valuer are not scientific. Racecourse List If you need any contact details, track information of the weird and wonderful whatever your interest… read more. Still amendments will come on betting terms to explain some 24 xviii would be taxable LPG subsidy, housing subsidy etc. Taxmann books are always known reference to section 52 2. I have tried to collect for deductions, learning about how in section 56 2 viib. CIT A without bringing any does not say any thing whether received or accrued. Repetition in many places due. So, section B says that income referred in section 2 you in the right direction, in the year in which. Another question which arises whether issues where tax planning would be done and the game readers my views on subject.

Filing income tax returns is never enjoyable, but we've all got to face the taxman. If you live in the United States (and you've netted some cash. Company Law Procedure · Company Law Ready Reckoner · Company Notices An infographic on Chargeability of Service Tax on Betting, Gambling & Lottery. Betting Tax: We explain the betting tax in the US and UK markets ✓ Learn about in the UK, then you are not the one that needs to worry about the taxman.