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When a capital asset is converted into stock in trade then capital gain u/s 45(2) of Income Tax Act arises in the year of sale and not in the year of conversion. But in vice versa situation i.e conversion of stock in trade into capital asset there does not arise any capital gain. If an assessee is in the business of real estate and on closure of his business he retains the existing stock in trade of immovable properties of the business with him and holds it as investment then it will become his capital asset from the time of closure of his business.
The fair market value of the shares= (i) as may be determined in accordance with such method as may be prescribed, or (ii) as may be substantiated by the company to the satisfaction of the Assessing Officer, based on the value, on the date of issue of shares
Summary of filings required to be made to Stock Exchanges under LODR for listed entity which has listed its specified securities, and either non-convertible debt securities (NCDs) or non-convertible redeemable preference shares (NCRPS) or both. Description Regulation No. Particulars Share Transfer Agent Regulation 7 (3) Compliance Certificate duly signed by CS and authorised representative of […]
M/s Janani Infrastructure Pvt. Ltd. Vs ACIT (ITAT Banglore) We have held that the sole basis of reopening of the assessment is the information received from the CBI. It is an undisputed fact that AO did not supply those materials to the assessee and also did not confront them with the assessee. Hence, we are […]
The exit of Cyrus Mistry from TATA group was not a crisis situation and wouldnt change the fundamentals of companies. The sudden removal of Mistry took the market by surprise and in the near-term, some volatility in Tata Group stocks was seen. It raises questions on the governance front too.
1. What is meant by delisting of securities? The term delisting of securities means removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange.
Preferential Allotment means an issue of shares by a body corporate under Section 62 (1) (c) of the Companies Act, 2013. Relevant Date means a date 30 days prior to the date on which the general meeting of the Company is held in terms of Section 62(1) (c) of the Companies Act, 2013.
As regards shares and other securities, the same can be held either as capital asset or stock-in-trade / trading asset or both. However, the Act does not contain any specific guidelines as to the characterisation of any particular investment as capital asset or stock-in-trade / trading asset. While this characterisation is essentially a facts-specific determination, the absence of legislative guidance has resulted in a lot of uncertainty and avoidable litigation.
Whether shares/securities issued by company or an issuer in demat form are chargeable to stamp duty under Indian Stamp Act? If yes then on what value it will be charged or how consideration would be calculated for the purpose of levy of stamp duty?
Forfeiture of shares is a process specified under Table-F (Articles of Association of a Company Limited by Shares) of Schedule I of the Companies Act, 2013. The standard procedure to be followed in case of forfeiture of partly paid-up shares is as follows:
