Karnataka HC holds that waiver of loan shall not be taxable as benefit or perquisite under pre-amendment section 28(iv) irrespective of nature of loan

NEW PROTOCOL ENTERED BY INDIA AND MAURITIUS FOR INTRODUCTION OF PRINCIPAL PURPOSE TEST AND AMENDMENT OF PREAMBLE IN TAX TREATY

Mumbai ITAT holds that date of transfer shall be reckoned on the date when shares are delivered and not from SPA execution date for Capital gains purpose

Capital loss pursuant to capital reduction is allowable to shareholders even if no consideration is received by the shareholders

Waiver of loan not used for acquisition fixed assets to be subject to tax under section 28(iv) since the benefit was not in nature of cash or money