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)

It may be difficult to answer without knowing the full facts . We presume that the assessee had made a claim for refund of custom duty paid and shown it as receivable in the balance sheet . In case the assessee has shown the custom duty refund as income in the profit and loss account… (read more)

A) Rule 108 of the Central goods and Service Tax Rules provides for e-filing of the appeal. It states as under:- (1) An appeal to the Appellate Authority under sub-section (1) of section 107 shall be filed in FORM GST APL-01, along with the relevant documents, either electronically or otherwise as may be notified by… (read more)

Addressing your questions; 1. Reconstitution of a partnership firm takes place whenever there is a change in the profit sharing ratio among the partners, admission of a new partner, retirement of a partner and death or insolvency of a partner. Therefore, section 9B of the Act will be attracted upon change in profit sharing ratio. (read more)

The Punjab and Haryana High Court in Mahender Pal Narang v. CBDT [2020] 120 taxmann.com 400 (P & H) (HC) after considering the Supreme Court judgement in Ghanshyam (HUF) [2009] 315 ITR 1 (SC) and also relying on sections 56(2) and 57 of the 1961 Act has held that interest received on compensation received for… (read more)

It seems only the name of the Company is changed and Permanent Account No remains the change . The mistake is a curable defect under section 292B of the Act. It may be desirable for the assessee to write an letter to the Assessing Officer to change the name in the assessment order by passing… (read more)

The assessee should make an application for admitting additional evidence as per Rule 46A of the Income -tax Rules , 1962 . The assessee should provide detailed reason why the additional evidence could not be filed . It is desirable to file the affidavit in support of application . If evidence produced by assessee is… (read more)

If the Notice has been issed prior to April 01, 2021, the erstwhile law pertaining to reassessment shall apply; If the Notice is after 1-4 -2021 , the new provisions of reassessment shall apply. Memorandum explaining the provision states that the amendments will take effect from Ist April , 2021 ( 2020) 430 ITR 214… (read more)

As per Section 148A the Assessing Officer has to conduct inquiry , if required with the prior approval of specified authority and has to serve the notice . You are right registration is not the deciding factor as long as the capital asset is long term the assessee is eligible for exemption . (read more)

In CIT v. Eagle Theatres (2012) 205 Taxman 449 (Delhi)(HC) the Court held that the amount paid to tenant for vacating the premises is allowable as deduction while computing the capital gains In CIT v. Mohd. V. Shaffiulla (2012) 210 Taxman 613(Karn.)(HC) the Court held that the payments to remove slum dwellers held to be… (read more)