Forfeiture of Share Application money is Capital Receipt, not Revenue Receipt: ITAT [Read Order]

By Aparna. M - On September 20, 2023 7:30 pm - 2 mins read
Forfeiture of Share Application money - Capital Receipt - not Revenue Receipt - ITAT - income tax - taxscan

The Income Tax Appellate Tribunal (ITAT) Delhi  bench held that forfeiture of share application money is capital receipt and not revenue receipt. Assessee V C Solutions Pvt. Ltd. after filing the return which was selected for scrutiny.During the scrutiny proceedings Assessing Officer has treated the forfeiture of share application money as “Revenue” in nature. Aggrieved…

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