The transaction in question will be governed by section 9B of the income tax act. Section 9B provides that in case of retirement of partners, if the specified entity gives to the specified person, either capital asset or stock in trade, same will have to be valued at the market price, and shall be taxable… (read more)

The Income tax Appellate Tribunal, Mumbai in Raw Presery (P) Ltd v. ACIT [143 Taxmann.com 158] has minutely pointed out difference between two, while discussing rigors of section 68 of the Income tax Act, 1961 as under: “The said provision casts the initial burden to prove the nature of credit on the recipient, i.e. the… (read more)

At the time of sale it is Non Agricultural land. Therefore the value of land in 2001 should be considered as Non Agricultural land, as it was converted in 2001 as Non Agricultural Land. Before 2001 it was rural agricultural land but that has no significance after conversion. Thus non agricultural land is a ‘capital… (read more)

The contention of the assessee is correct as he is a “trustee” for the amount received, and is under obligation to spend that amount for future maintenance of the building on behalf of flat owner. Therefore the amount received as one time deposit is not taxable in the hands of promoter and builder. Section 3… (read more)

The loan given to the subsidiary company is a capital asset within the meaning of section 2(14) of the Income Tax Act and assessee can claim the loss incurred on assignment of such debt to the third party as a short term capital loss. The term “capital asset” is defined in section 2(14) of the… (read more)

Answer: (i) Yes the HUF will continue for the reason that HUF is wider term then coparcenary Hindu Undivided Family also includes female members apart from coparceners. (ii) The daughter will become the karta of HUF. (iii) The partition cannot be made by D as karta of HUF as she does not have the right… (read more)

Answer : (i) It is not clear from the question whether quantitative details of stock are maintained or not. If quantitative details are not maintained then explanation of the assessee is valid in law, that it is out of accumulation of stock due to adjustment of G.P It is not the case of the department… (read more)

FEMA: The Non Resident Indian or PIO card holder can purchase residential house in India without RBI Approval. The Benami Properties Act is not attracted as: That as per definition of Benami in section 2A(iii) The property held in the name of spouse is not treated as Benami if the consideration is provided from known… (read more)

Please refer notification No 75 of 2021 dated June 25 , 2021 (2021) 435 ITR 25 ( St) , the last date for beneficial payment under VVS Act , 2020 was October 21 , 2021 . The assessee cannot get the benefit of the Scheme . (read more)