CORPORATE AND PROFESSIONAL UPDATE May 5, 2017
Professional Update for the day: Direct Tax: SC reverses Gujarat HC judgment ruling in favour of Revenue for AY 1994-95, approves AO’s ‘prima facie adjustment’ u/s 143(1)(a) with respect to share issue expenses disallowance as these expenses are capital in nature. [TS-168-SC-2017] ITAT Cochin held that “On Money” received by an assessee for sale …