Answers to queries on legal issues
itat judgment on multi state cooperative credit society | |
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Subject: | itat judgment on multi state cooperative credit society |
Category: | Income-Tax |
Asked by: | c a prasad r kulkarni |
Answered by: | Research Team |
Tags: | Binding precent, multi state cooperative credit society, Precedent, ratio |
Date: | July 23, 2023 |
Excerpt of answer: |
The ratio cannot be applicable to other assesses. (read more)
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Intimation order u/s 143(1) | |
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Subject: | Intimation order u/s 143(1) |
Category: | Income-Tax |
Asked by: | Sakshi Dokania |
Answered by: | Research Team |
Tags: | charitable trust, Intimation, intimation u/s 143(1)(a) |
Date: | July 22, 2023 |
Excerpt of answer: |
It is desirable to file an appeal as well as rectification application. If rectification application is allowed , the appeal may be withdrawn . (read more)
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Surcharge in case if maximum marginal rate for AOP | |
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Subject: | Surcharge in case if maximum marginal rate for AOP |
Category: | Income-Tax |
Asked by: | D |
Answered by: | Reply of the Expert is awaited; |
Tags: | Association of persons (AOP), Marginal Tax, Taxation of Trusts |
Date: | July 21, 2023 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
Penalty u/Sec. 271D | |
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Subject: | Penalty u/Sec. 271D |
Category: | Income-Tax |
Asked by: | Prakash |
Answered by: | KSA Legal Chambers, reserch team |
Tags: | loan or deposit, penalty |
Date: | July 19, 2023 |
Excerpt of answer: |
Penalty proceeding for violation of section 269SS of the Income Tax Act, 1961 has to be initiated by the assessing officer in the assessment order. Any initiation done after the assessment order is bad in law and not sustainable. The Hon’ble Supreme court in the case CIT v. Jai Laxmi Rice Mills Ambala City (2015)… (read more)
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Execution of sale deed by legal heirs of property already sold 35 years ago | |
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Subject: | Execution of sale deed by legal heirs of property already sold 35 years ago |
Category: | Income-Tax |
Asked by: | K Desai |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Capital Gains, excecution of sale deed, legal heirs |
Date: | July 19, 2023 |
Excerpt of answer: |
It is a well-settled position in law that the date of registration relates back to the date of the execution of the agreement. This has been upheld by the Hon'ble Supreme Court in the case of Gurbax Singh v. Kartar Singh and Others 254 ITR 112 (SC). However, the details of registration will be forwarded… (read more)
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section 44AD | |
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Subject: | section 44AD |
Category: | Income-Tax |
Asked by: | BHARGAVI |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | deposit of cash, Section 44AD, Tax Audit |
Date: | July 18, 2023 |
Excerpt of answer: |
The stand of the Assessee is correct. Deeming provisions under section 44AD of the Act are for the purpose of determining the amount chargeable to tax under the head Income from Business and Profession. The same has no correlation with the source of funds for purchasing a plot. Refer Sunil Gahlot v.ITO (2023) BCAJ –… (read more)
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Flexi-Benefit Claiming eligibility | |
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Subject: | Flexi-Benefit Claiming eligibility |
Category: | Income-Tax |
Asked by: | Kalpesh Chauhan |
Answered by: | Research Team |
Tags: | Flexi-Benefit, perquisites |
Date: | July 16, 2023 |
Excerpt of answer: |
Flexi Benefit Plan is governed under the section 17 (2) of the Income -Tax Act, 1961. The value of perquisite provided through FBP to an employee is taxable at the hands of an employee. If an employee claims ineligible FBP benefits, the recovery of tax and related consequences may be governed by provisions under Section… (read more)
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Shareholder, unlisted co | |
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Subject: | Shareholder, unlisted co |
Category: | General Law |
Asked by: | Umesh |
Answered by: | Research Team |
Tags: | derivative trading, margin, Unlisted company shares |
Date: | July 16, 2023 |
Excerpt of answer: |
Unlisted companies Shares cannot be offered as margin for derivative trading . (read more)
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Adverse Possession | |
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Subject: | Adverse Possession |
Category: | General Law |
Asked by: | Swetha |
Answered by: | Research Team |
Tags: | Adverse Possession, Jurisdiction |
Date: | July 16, 2023 |
Excerpt of answer: |
For matters relating to adverse possession (Article 65 of Schedule I of the Limitation Act, 1963), a person must file a case in a civil court. Depending on the where the land in question is located, the civil court’s jurisdiction will be determined. (read more)
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Suppression of minority | |
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Subject: | Suppression of minority |
Category: | Companies Act |
Asked by: | Vilash |
Answered by: | Research Team |
Tags: | Companies Act, Suppression of minority |
Date: | July 16, 2023 |
Excerpt of answer: |
The minority management can file an application to the tribunal for relief in cases of oppression under section 241 of the companies act, 2013(subject to fulfilment of eligibility criteria mentioned in section 244 of the Act). Alternatively, the minority shareholders can also engage in mediation or negotiations which will safe the minority shareholders from prolonged… (read more)
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