Money forfieted or received for termination or cessation of agreement

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901
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Readers must be aware that the courts and Tribunal has regarded the forfeiture of amounts of share or debenture application money as capital recipt. This was analysed in Is forefieture of share or debenture application money taxable? The Direct Tax Code has incorporated provision u/s 56(2) by which not only share application money , but…

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