Budget 2012 Income Tax: Section 68 amended – Share application etc. treated as unexplained unless corroborated by the payer

Budget 2012 has inserted Provision to Section 68 the effect of which is that any share application, share capital or share premium received in a privately held company shall be treated as unexplained income u/s 68 unless the same is corroborated by the payer of such amount. This was a long standing loophole which has…

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Budget 2012 Income Tax: Retrospective Amendment to Section 2(14) to defeat the Supreme Court Ruling in Vodafone Tax Case

In the budget proposals of 2012 an explanation has been inserted in Section 2(14) i.e. the definition of “Capital Asset” to include “any rights in or in relation to an Indian company, including rights of management or control or any other rights whatsoever” as a capital asset. So any sale of rights in relation to…

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