Answers to queries on legal issues

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S.127-Power too transfer case
Subject: S.127-Power too transfer case
Category: 
Asked by: BKS
Answered by:
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Date: November 25, 2022
Excerpt of answer:
The assessee has to file writ before the High Court . In Parappurathu Varghese Mathai and Sarakutty Mathai v. PCIT (2020) 428 ITR 79 / 193 DTR 337 / 316 CTR 833 (Bom.)(HC) the court held that the opportunity must be given to the assessee. If the assessment is over the Court may not entertain… (read more)
153C vs 148, Jurisdction
Subject: 153C vs 148, Jurisdction
Category: 
Asked by: bks
Answered by:
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Date: November 25, 2022
Excerpt of answer:
Jurisdictional issue is not curable defects . The assessee should have filed the writ before the High Court challenging the notice . If the notice is not challenged the assessee must take objections before the Assessing Officer in the course of assessment proceedings . In Bal Chand Jain & Sons v. DCIT (2014) 221 Taxman… (read more)
INTEREST ON REFUNDS U/S 244A(1A)
Subject: INTEREST ON REFUNDS U/S 244A(1A)
Category: 
Asked by: KAMAL
Answered by: Reply of the Expert is awaited;
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Date: November 25, 2022
Excerpt of answer: Reply of the Expert is awaited. Please check back later
capital gain
Subject: capital gain
Category: 
Asked by: bs
Answered by:
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Date: November 25, 2022
Excerpt of answer:
Depends on the facts of the case and clauses in the agreement . Capital gain is chargeable on handing over of possession . In PCIT v. Talwalkars Fitness Club. (2018) 409 ITR 37 (Bom.)(HC) the Court held that Vendor was in possession till total consideration was paid . Transfer is not complete though the agreement… (read more)
Cessation of liabilities + 41(1) taxability
Subject: Cessation of liabilities + 41(1) taxability
Category: 
Asked by: Dushyant Maharishi
Answered by: Reply of the Expert is awaited;
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Date: November 25, 2022
Excerpt of answer: Reply of the Expert is awaited. Please check back later
Applicability of 36(1)(va)
Subject: Applicability of 36(1)(va)
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Asked by: Bhrigu Arora
Answered by: Reply of the Expert is awaited;
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Date: November 22, 2022
Excerpt of answer: Reply of the Expert is awaited. Please check back later
Can a LLP go for Demeger to a Pvt Indian/Foreign company or another LLP
Subject: Can a LLP go for Demeger to a Pvt Indian/Foreign company or another LLP
Category: 
Asked by: A
Answered by:
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Date: November 21, 2022
Excerpt of answer:
The Limited Liability Partnership Act, 2008 does provide for merger or restructuring of two LLPs through the National Company Law Tribunal’s approval process. However, the Income-tax Act, 1961 does not provide any specific exemption for demerger of LLPs as it does for demerger of companies. Then again, if the transaction is tax neutral, there would… (read more)
Sale of rural agricultural land
Subject: Sale of rural agricultural land
Category: 
Asked by: Dhaval S
Answered by:
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Date: November 21, 2022
Excerpt of answer:
There will be no tax on conversion of agricultural land to non-agricultural land. However, the sale of non-agricultural, being a capital asset, would attract capital gains (business income if the assessee is engaged in real estate business). The fair market value of the agricultural land on the date of conversion and the cost incurred for… (read more)
Non availability of Form 5
Subject: Non availability of Form 5
Category: 
Asked by: Kamlesh M Parekh
Answered by:
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Date: November 21, 2022
Excerpt of answer:
Form 5 is the certificate of full and final settlement under the VSVA. Form 5 has to be issued by the Department on satisfaction of good compliance under VSVA. There is no time limit for issuance of Form 5. The Assessee may approach the Designated Authority for further clarification and expediting the issuance of Form… (read more)
Viwad Se Vishwas Form 5
Subject: Viwad Se Vishwas Form 5
Category: 
Asked by: Tauseef
Answered by: Reply of the Expert is awaited;
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Date: November 21, 2022
Excerpt of answer: Reply of the Expert is awaited. Please check back later