warrants

The government is planning to tighten norms governing FDI through partly-paid shares, convertible warrants and units issued by venture capital funds (VCFs), as it looks to prevent misuse of these popular instruments. The finance ministry and the department of industrial policy & promotion (DIPP) have decided that the conditions such as sectoral ceilings, minimum-capitalisation and lock-in period governing foreign investment through equity should be applicable to these in.. Full Article

In respect of shares acquired under stock option scheme, the difference between the price of shares at the time of exercise of option and the predetermined price is liable to tax as perquisite under s. 17(2)(iii) up to 31st March, 2000. Full Article

The Income Tax department in Gujarat executed 422 warrants in 2008-09 compared to 158 in the previous year and has managed to seize assets worth Rs 45.45 crore, which is up significantly from last fiscal's Rs 10.89 crore. The figures were given out by the Union minister of state for finance S S Palanimanickam in reply to the questions raised by Parimal Nathwani, MP from Jharkhand and Group President of Reliance . Full Article

Norms for preferential allotment of equity warrants are learnt to be back under the regulatory scanner, following complaints from institutional investors that this instrument is being misused by promoters. Full Article

CASE LAW DETAILS Decided by:. ITAT, PUNE `A’ BENCH, PUNE , In The case of: Skoda Auto India Pvt. Ltd. v ACIT, Appeal No. : ITA No. 202/PN/07, Decided on: March 12, 2009 SUMMARY OF CASE LAW It is permissible in principle to make adjustments in the costs and profits in fit cases; the Assessee [...] Full Article

IN a remarkably interesting ruling, involving the IT giant Infosys Technologies, the Apex Court has held that every benefit received by a person is not taxable as income unless the Legislature makes the same taxable. For period prior to 2000, there were no provisions in the Income Tax Act to tax ESOPs. As regards the TDS, it noted that ESOPs were not taxable during the lock-in period as the value of non-transferable shares (perquisite) was not ascertainable. As regards t.. Full Article