Dabur Invest Corp, New Delhi vs Jcit, Range-46, New Delhi on 11 February, 2021
issued share capital of ₹ 5 lakhs and no share
premium was charged on the shares. The assessee company issued
and allotted zero percent compulsory convertible ... value of the
shares, which include both equity and preference shares. According to
the Ld. Pr. CIT, the assessee has failed to justify the share
2021 & connected matters Page 25 of 53
pledged shares' value would become zero in light of the resolution
process, and (iii) if proceedings
Statement of Account). For all
purpose, the value of share is zero and it is appearing in the Balance
Sheet of the appellant from ... book value. For all purpose, the value of investment is
zero. It has never planned to go for IPO. None of the share are listed
book value. There is nothing wrong, or even unusual, in this transaction either.
9. As regards the transaction of sale of shares having been rendered ... shares of VCAM and that he can book this loss in case
he can find a buyer for these shares even at zero value
premium. Therefore, the fair market value of the shares had
also not crystallized in A.Y. 08-09. The value crystallized ... receipt of shares
were the capital receipts at zero value. The transfer of these
shares to M/s Rockland Hospital Employees Welfare Trust took
correct inasmuch as the value of the shares, in respect of which,
pledge was created was practically zero and even otherwise, the shares were
appreciation in the value of
shares, the mode of payment for purchase of shares not doing the
transaction through the normal share dealing procedures ... 2017
E) PENNY SHARE:
The shares in which the assessee has claimed to have made a deal,
are identified as Penny Shares by the investigation
accordance with the
provisions of the IBC, the liquidation value would be zero. However,
despite this, the resolution plan has provided for the operational creditors ... approve the resolution plan is
with a voting share of 100 per cent. The exclusion of any financial creditors
from the CoC has no significance
Caplin Agencies Pvt. Ltd, Kolkata vs Pcit-4, , Kolkata on 22 December, 2021
1
ITA