SetCom isn't required to issue preliminary notice to CIT before admitting application filed by assessee
October 7, 2014[2014] 49 taxmann.com 165 (Andhra Pradesh)/[2014] 364 ITR 625 (Andhra Pradesh)
IT : At stage of section 245D(1), Settlement Commission has absolute discretion to entertain or not to entertain a case for consideration on prima facie view even without issuing preliminary notice to Commissioner
Regards
Excess premium paid by builder while refunding booking amount to be deemed as interest; attracts sec. 194A TDS
October 6, 2014[2014] 49 taxmann.com 173 (Cochin - Trib.)
IT : Where assessee, a builder, having collected certain booking amount from purchasers of flats, sold those flats subsequently to some other parties at a higher price, amounts refunded by assessee to original purchasers with a margin amounted to payment of interest within meaning of section 2(28A)
Whether when a membership card-holder of stock exchange gets shares on demutualisation of Exchange in new entity, such conversion of shares amounts to transfer and any capital gains liability arises - NO: HC
THE assessee company was engaged in business of shares and stock trading and broking. It was a member of Bombay Stock Exchange. The membership of BSE was purchased in the FY 1998-99 for total consideration of Rs.97,51,000/-. The return of income was filed on 30th November, 2006 declaring total income of Rs.1,59,42,000/-. The assessment was completed on 30th December, 2008 u/s 143(3) on a total income of Rs.1,80,24.063/-. The Assessee claimed depreciation on the value of card in AYs 2004-05 and 2005-06 aggregating to Rs.42,66,063/- which was disallowed by the AO.
The issues before the Bench are - Whether when a membership card-holder of a stock exchange gets shares on demutualisation of the exchange in the new entity, any capital gains liability arises and Whether such conversion of shares amounts to transfer. And the answers go against the Revenue.
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