Answers to queries on legal issues
Whether additions on account of seizure of gold coins in the course of search , which was received on the occasion of Silver Jubilee of marriage anniversary and levy of Penalty under section 271AAB(1)(B) is justified ? | |
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Subject: | Whether additions on account of seizure of gold coins in the course of search , which was received on the occasion of Silver Jubilee of marriage anniversary and levy of Penalty under section 271AAB(1)(B) is justified ? |
Category: | Income-Tax |
Asked by: | AASHISH SARASWAT |
Answered by: | Advocate Rahul Hakani |
Tags: | 271AAB, Gold coins, Search and Seizure |
Date: | May 15, 2021 |
Excerpt of answer: |
You may file appeal against the Assessment order. If the addition is deleted then penalty will also be deleted. Note : The assessee should produce evidence before the Appellate Authorities in the form of confirmation , photographs , and may also file Affidavit in the Appellate proceedings by making application for admitting the additional evidence… (read more)
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Whether unequal partition of Hindu Undivided Family (HUF) property is permitted ? | |
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Subject: | Whether unequal partition of Hindu Undivided Family (HUF) property is permitted ? |
Category: | General Law, Income-Tax |
Asked by: | Moti |
Answered by: | Advocate Rahul Hakani |
Tags: | Hindu Undivided Family, HUF, Unequal Partition |
Date: | May 15, 2021 |
Excerpt of answer: |
Yes unequal Partition is permissible. Kindly refer CGT v N.S. Getti Chettiar (1971) 82 ITR 599 (SC). Member may accept a smaller/larger share on partition or he may renounce his right fully. But Income Tax Department has no right to avoid partition on the ground of inequality. [M.S.M. Meyappa Chettiar v. CIT 18 ITR 586… (read more)
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How to compute Capital gains on bankruptcy of a company ? | |
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Subject: | How to compute Capital gains on bankruptcy of a company ? |
Category: | Income-Tax |
Asked by: | Kamalesh Kumar Zaverilal |
Answered by: | Advocate Aditya Ajgonkar |
Tags: | bankruptcy of a company, Capital Gains |
Date: | May 15, 2021 |
Excerpt of answer: |
Though many companies are indeed referred to the NCLT under IBC and at times declared bankrupt, the question as to whether the cost of shares can be treated as a capital loss is not a question that can be generally answered without a keen appreciation of the facts in each case and without seeing the… (read more)
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When an order is passed u/s.153A, can it be revised by PCIT u/s.263 of the Act ? | |
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Subject: | When an order is passed u/s.153A, can it be revised by PCIT u/s.263 of the Act ? |
Category: | Income-Tax |
Asked by: | BSHAH |
Answered by: | Advocate Neelam Jadhav |
Tags: | Revision of assessment, Revision of orders prejudicial to revenue, search |
Date: | May 15, 2021 |
Excerpt of answer: |
Under the provisions of Section 263, the Pr. CIT may call for or examined the record of any proceedings done under the Income Tax Act. (Here proceedings u/s.153A) And if he considered it was prejudicial to the interest of the revenue, he may give an opportunity to the Assessee and pass order. In Kusumlata Sonthalia… (read more)
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Whether employees contribution towards PF and ESIC paid after due date and before filing of return is allowable as deduction.? | |
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Subject: | Whether employees contribution towards PF and ESIC paid after due date and before filing of return is allowable as deduction.? |
Category: | Income-Tax |
Asked by: | SUBRATA RAY |
Answered by: | Advocate Neelam Jadhav |
Tags: | Business expenditure, Deduction on actual payment, Disallowance, employees contribution |
Date: | May 15, 2021 |
Excerpt of answer: |
Note : Memorandum explaining the provision states that this amendment will take effect from Ist April , 2021 and will , accordingly , apply in relation to the assessment year 2021 -22 and subsequent assessment years (2021) 430 ITR 214 (st) (243). In the case of CIT vs. Hindustan Organics Chemicals Ltd [2014] 366 ITR… (read more)
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When the assessment is made as per the Face less Scheme , Which will be Jurisdictional Appellate Tribunal /High Court orders will be binding on the Assessing Officer ? | |
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Subject: | When the assessment is made as per the Face less Scheme , Which will be Jurisdictional Appellate Tribunal /High Court orders will be binding on the Assessing Officer ? |
Category: | Income-Tax |
Asked by: | shah |
Answered by: | Advocate Aditya Ajgonkar |
Tags: | Appellate Tribunal, Binding precent, Face less assessment, Faceless assessment, High Court |
Date: | May 15, 2021 |
Excerpt of answer: |
The Jurisdiction of the Courts is determined by statute. It has been long held by the courts that in the absence of a statutory provision to the contrary, it is the location of the Assessing officer determines the issue of Jurisdiction as the lis lies with the Assessing officer. In the earlier process of Assessment,… (read more)
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When earlier order is merged with subsequent order u/s 153A, whether revision of order is valid ? | |
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Subject: | When earlier order is merged with subsequent order u/s 153A, whether revision of order is valid ? |
Category: | Income-Tax |
Asked by: | V.Surana |
Answered by: | Advocate Rahul Hakani |
Tags: | Merger, Revision of assessment, Revision of orders prejudicial to revenue |
Date: | May 15, 2021 |
Excerpt of answer: |
If the original Assesssment order which is subject matter of revision does not survive then the proceedings u/s 263 are bad in law. Challenge to ITAT is the appropriate remedy. (read more)
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Whether foreign package tour mentioned under S. 206C (H) covers sale of Ticket only or only Foreign Hotel booking ? | |
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Subject: | Whether foreign package tour mentioned under S. 206C (H) covers sale of Ticket only or only Foreign Hotel booking ? |
Category: | Income-Tax |
Asked by: | shah |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Collection at source, Foreign package tour, overseas tour programme, package, TCS |
Date: | May 15, 2021 |
Excerpt of answer: |
Explanation (ii) to section 206C(1G) defines "overseas tour programme package" as any tour package which offers visit to a country or countries or territory or territories outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto. Therefore, the same would… (read more)
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Whether Right issue of equity shares allotted below FMV by Pvt Ltd Co , provisions of section 56(2)(x) is applicable .? | |
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Subject: | Whether Right issue of equity shares allotted below FMV by Pvt Ltd Co , provisions of section 56(2)(x) is applicable .? |
Category: | Income-Tax |
Asked by: | V.Surana |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Rights shares pvt Co, rule 11UA |
Date: | May 15, 2021 |
Excerpt of answer: |
: Section 56 (2)(x) of the Act is an anti-abuse provision. Since the transaction of issue of right shares is as per the provisions of the Companies Act and Rules framed thereof, it cannot be said that the transaction is without consideration or without any substance. (read more)
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Limitation period for issuing notice u/ s 148 is extended up to 30-6 2021 , However new section 148A is also operative w.e.f 1-4-2021 , whether notice u/s 148 is liable to be issued under section 148 or 148A ? | |
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Subject: | Limitation period for issuing notice u/ s 148 is extended up to 30-6 2021 , However new section 148A is also operative w.e.f 1-4-2021 , whether notice u/s 148 is liable to be issued under section 148 or 148A ? |
Category: | Income-Tax |
Asked by: | BSHAH |
Answered by: | Advocate Aditya Ajgonkar |
Tags: | Limitation, Notice, Reassessment, reopening of assessment |
Date: | May 15, 2021 |
Excerpt of answer: |
A look at the Income-tax Act, 1961, post amendment by the Finance Act, 2021, makes it clear that the amendment to Section 148 has been made from 1-4-2021. This clearly implies that from 1-4-20201, the amended Section 148 shall come into force. The extension of date for issue of notice u/s 148 is only an… (read more)
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