granting of loans and advances) consists in the
purchase and sale of shares of other companies, such company shall, for the
purposes of this section ... that Explanation to Section 73 was not invocable in view of the fact that
actual delivery of shares had taken place. Further explained that
share premium for issue of shares and the aggregate consideration
received for issue of shares exceeds the face value of such shares. In
absence ... shares and what was the market value of the shares and
even has not discussed as to by what amount, the share value including
share
assessee had not raised any share capital during the
year under consideration and the opening and closing share capital of the assessee ... that the assessee had not raised any share
capital during the year. The opening & closing share capital of the assessee
as per the audited
Kolkata dated. 21-05-
2010 on the issue of invocation of section 68 that share application money received from
different companies . .
2. We have heard
will be noticed that the sale proceeds of investment in shares was not credited to the profit and loss account, nor was the loss debited ... undertook the exercise of revaluation of shares and crediting the proceeds to capital reserve account, to defeat the invocation of Section 115J . He asked
been held that Section 56(2)(viib)
cannot be applied to shares issued to the existing promoter group for
genuine commercial considerations.
(i) Rugby Regency ... given facts, the invocation of
section 56(2)(viib) of the Act in relation to issuance of shares to
existing promoters was against the legislative
interest-free
funds in the form of share capital and reserves and surplus, therefore, the
interest-free funds available with the assessee company are much ... further submits that Ld. CIT (A)
rightly allowed the loss on share trading of Rs.4,29,05,496/- by treating it as
trading loss
Irons (P) Ltd.
filed, copies of the ledger account of all the share applicants has also
been filed. All these details were sent ... find any merit in the invocation of Section 68 of the Act.
7. So far as the treatment of share application money received
shares. The entire affairs has to be viewed fromthe perspective that the assessee
company had huge funds in the form of share capital and Reservesand ... date of sale of
shares did not tantamount to investment out of surplus fund. "
e) On the applicability of invocation of provision
notes to balance sheet observed, that the assessee had made
investment in shares of sister concerns/private limited company. Accordingly, the
Ld. AO concluded that ... years 2008-09, 2009-10 and 2010-11 so as to warrant
invocation of provisions of Section 14A of the Act. With regard to assessment
