Dear Sir,

A Pvt Ltd company applied for Fully certain Fully Convertible Debentures of B Pvt. Ltd. on which 150lacs was due on application and allotment and 150 lacs on 1st Call.
A Pvt. Ltd paid 150 lacs on application but failed to pay call money of 150 lacs despite repeated reminders and B Pvt Ltd as a consequence of non payment of call money forfeited the 150 lacs paid on application and allotment.

Queries:
1. For B Ltd is it a capital profit hence not taxable.
2. For A Pvt. Ltd. what is the accounting treatment of debenture application money of Rs 150 lacs forfeited. Can it be claimed as loss and A Pvt. Ltd. and can take tax benefit on it.

3. What if a third company C Pvt Ltd wants to take over/merge with A Pvt. Ltd. can it take tax benefit of loss in the books of A Pvt Ltd on account of loss on forfeiture of debentures and carry forward the loss up to 8 years

Please share your views.

Thanks
PC Joshi

I HAVE INVESTED IN UTI MUTUAL FUNDS ULIP PLAN OF 15 YEARS WEF 07.10.1993 TO 07.10.2008
iNSTALLMENT PAID EVERY YEAR RS.3000 X 15 YEAR = TOTAL AMOUNT INVESTED RS.45000/= 9TARGET AMOUNT)
I HAVE DONE REDEMPTION ON 24.04.2024 AND RECEIVED RS.450032.76
I AM SENIOR CITIZEN (77 YEARS

I WANTED TO KNOW THAT THIS AMOUNT IS TAXFREE OR I NEED TO PAY ANY LONG TERM CAPITAL GAIN WITHOUT ONDEXATION OR WITH INDEXATION.
REQUEST YOU TO PLEASE GUIDE ME PROPERLY

I have received refund from the builder basis order of NCDRC. The refund includes principal which I had paid him 12 years back PLUS interest @12% for the 12 year period. He has deducted TDS on Deposit @10% which I have protested. I understand that either there is no tax on such interest OR at best capital gains tax for which there is no TDS applicable. Please help.

Respected Sir/ Madam.
We are facing issue whilee fillig form 35 ( CIT Appeal ) . In the Basic information profile a continuous errror is being displayed i.e "Please click on My Profile in the note given below to update your contact details with all mandatory fields." however the same is already updated.
Due to which we are unable to file form 35.

Sir, Any tribunal order, be it Service tax, exicse or customes, /where and how do know as to whether till today that order holds good, I mean, not overuled by higher courts/Higher Courts decisions

Sir/Madam

One of my friend have made FNO during the fy 2024-25 and he want to prepared tax computation. How he is to know Categories of FNO scripts??

FNO transactions are made through Grow platform.

Thanks in advance

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• The said expenses are reflected in the books of account and are directly related to the regular operations of the business.

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