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)

: 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)

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)

Yes, surrender of tenancy will be liable to Capital Gains. If tenancy rights come to an end upon executing the PAA Agreement then the date of Agreement will be the Year of transfer. If tenancy continues till the handing-over of redeveloped flat then year of receipt of new Flat will be the date of transfer.… (read more)

Kindly Refer to Section 68 to 70 of the Companies Act, 2013 and Rule 17 of the Companies (Share Capital and Debentures) Rules, 2014. A company can buy back securities at market value of the securities. Also, the company in its explanatory statement to the notice of general meeting for passing of a resolution and… (read more)

As per the section 54F, DLC (District Level Committee) price for calculation of exemption is not used. The Actual net sale consideration value of the assets has to considered Refer, Gouli Mahadevappa v. ITO (2013) 356 ITR 90 (Karn.)(HC) (read more)

Is this reopening notice valid as it is beyond 6 years? Ans : Issue of notice on the dead person is void ab initio . The legal heirs can send the copy of death certificate to the concerned Authority and request them to drop the proceedings . If not, how to comply the notice as… (read more)

Surrender of tenancy will be taxable as Capital Gains u/s 45 and not as Income from Other sources. Kindly refer Amol C. Shah (HUF) vs. Income Tax Officer [2020] 120 taxmann.com 263 (Bom) (HC) Note: The recipients can claim the benefit under section 54F (Investment in residential house) subject to other conditions or any specified… (read more)

As per the provisions of Section 54F, the Assessee can get exemption for remaining sale proceeds which are invested in new capital assets, if the said investments are in the stipulated period as mentioned in section 54F. In Meher R. Surti v. ITO (2014) 61 SOT 5 (URO) / 27 ITR 340 (Mum.)(Trib.) expenditure on… (read more)

The Hon’ble ITAT Mumbai Bench in the case of B.N. Gamadia Parsi Hunnarshala v. Asstt. DIT (E) [2002] 77 TTJ 274 (Mum) (Trib) observed that under section 11 of the Act, exemption is available only on the income within the meaning of section 11 and not on the ‘deemed income’ under section 11(3) of the… (read more)