Answers to queries on legal issues

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Clarification about money sending from India and filing of ITR by a Resident but living outside India.
Subject: Clarification about money sending from India and filing of ITR by a Resident but living outside India.
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Asked by: Suresh Goyal
Answered by:
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Date: January 11, 2023
Excerpt of answer:
1. There is no limit on sending money to a daughter living abroad under the Income-tax Act, 1961. As per the Liberalized Remittance Scheme of the RBI, $ 2,50,000/- per year can be sent without the prior approval of the RBI. 2. As per the facts mentioned, it appears that the person need not file… (read more)
143[1][a] r w s 43B
Subject: 143[1][a] r w s 43B
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Asked by: bs
Answered by:
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Date: January 9, 2023
Excerpt of answer:
As we understand, ITA 2376/Mum/2022 is passed after considering the decision in the case of Checkmate Services Private Limited. The scope of an MA is restricted to only apparent mistakes in the order of the Tribunal. Where an appeal is allowed after considering the case of the Hon'ble Supreme Court, an MA stands at a… (read more)
FIRM RECONSTITUTION
Subject: FIRM RECONSTITUTION
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Asked by: VENKATESH RAO
Answered by:
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Date: January 5, 2023
Excerpt of answer:
As we understand, there is no cash or stock or capital asset given to the retiring partner by the firm. Therefore, there will be no implication under section 9B and section 45(4) of the Income-tax Act, 1961 (Act). However, there is an extinguishment of Partner B's rights in the firm and consideration for the same… (read more)
Cancellation of Registration u/Sec. 12A retrospectively
Subject: Cancellation of Registration u/Sec. 12A retrospectively
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Asked by: manoj
Answered by:
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Date: January 3, 2023
Excerpt of answer:
The PCIT can cancel the registration retrospectively if they come to a conclusion that the trust was not running for charitable purposes. PCIT is empowered to cancel the registration of the trust retrospectively subject to the provisions of section 12AA(3) of the Income-tax Act, 1961 (read more)
remand report
Subject: remand report
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Asked by: bs
Answered by:
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Date: January 3, 2023
Excerpt of answer:
In ACIT v. Nalgonda Dicocese Society ( 2021) 92 ITR 22 ( SN) (Hyd ) ( Trib) Held that in the remand report the Assessing Officer gave a finding that there is no violation of provisions. The Tribunal held that the department could not be held an aggrieved party where the Assessing Officer files a… (read more)
54/54F
Subject: 54/54F
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Asked by: bs
Answered by:
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Date: January 2, 2023
Excerpt of answer:
As we understand, the last amendment to section 54 of the Income-tax Act, 1961(Act) was vide Finance Act, 2019. The said amendment should not have an effect in the interpretation of section 54(1) of the Act. As per judicial pronouncements, two adjacent flats with common entrance and kitchen have been held to be one single… (read more)
Breeding, rearing of cows and buffaloes and selling of milk in village.
Subject: Breeding, rearing of cows and buffaloes and selling of milk in village.
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Asked by: Manisha
Answered by:
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Date: January 2, 2023
Excerpt of answer:
The Hon'ble Supreme Court in the case of CIT v. Raja Benoy Kumar Sahas Roy [1957] 32 ITR 466 (SC) held that Dairy-farming will not be 'agricultural' operation and income from dairy-farming will not also be 'agricultural income'. Therefore, income from milk derived from milch cows maintained by the assessee, is not agricultural income. The… (read more)
Non Genuine Purchases
Subject: Non Genuine Purchases
Category: 
Asked by: manali
Answered by: Reply of the Expert is awaited;
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Date: January 2, 2023
Excerpt of answer: Reply of the Expert is awaited. Please check back later
Exemption of capital gain u/s.54F
Subject: Exemption of capital gain u/s.54F
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Asked by: Vikas Shah
Answered by:
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Date: December 29, 2022
Excerpt of answer:
As we understand, the assessee has a plot of land and an old residential property. Similarly, the assessee's daughter in law also has a plot of land. Both will sell their plot of lands and invest in a new residential house property (i.e., demolishing the old residential property and constructing a new one). Both will… (read more)
ARRANGEMENT OF PARTNERS IN LLP
Subject: ARRANGEMENT OF PARTNERS IN LLP
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Asked by: Manoj jain
Answered by: , , , , ,
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Date: December 27, 2022
Excerpt of answer:
Yes, the Partnerships are fundamentally on the basis of Indian Contract Act, 1882. Therefore, as long as the objects are legal and there is a mutual understanding amongst the partners, such an arrangement is possible. AMT is on the basis of total computation of income of all consolidated projects and is not computed project wise. (read more)