Answers to queries on legal issues

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Tax Implications on Sale of Flat after PAA Agreement
Subject: Tax Implications on Sale of Flat after PAA Agreement
Category: 
Asked by: Paritosh Trivedi
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Date: March 16, 2023
Excerpt of answer:
We are assuming that the original property was a tenancy right which is now converted into a ownership property. The date of registration is to be considered as the date of acquisition and the stamp duty value of the property will be the cost of acquisition. Therefore, section 54 and section 54EC of the Income-tax… (read more)
cash purchase of animals from producers
Subject: cash purchase of animals from producers
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Asked by: ca praveen bansal
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Date: March 16, 2023
Excerpt of answer:
It is a well-settled position in law that once the sales are accepted as genuine the purchases cannot be doubted. In the case of PCIT v. Batliboi Environmental Engineering Ltd. (2022) 446 ITR 238 (Bom) (HC) when sales are accepted purchases cannot be disallowed. (read more)
50C – sale of land reserved for public garden by municipal authorities
Subject: 50C – sale of land reserved for public garden by municipal authorities
Category: 
Asked by: Adv. Rajesh R Sharma
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Date: March 16, 2023
Excerpt of answer:
Yes, the same is a capital asset and an immovable property. Provisions of section 50C of the Act would be atf the assessee is able to show that the sale value was less than stamp valutaion due to various circumstances , the Revenue cannot make addition merely on the basis of stamp valuation . (read more)
56[2]x
Subject: 56[2]x
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Asked by: bs
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Date: March 16, 2023
Excerpt of answer:
The Hon'ble MahaRERA in the case of Nikhil Chopra v. JVPD Properties Pvt. Ltd. Complaint number CC005000000001348 held that in the absence of a builder buyer agreement, the allotment letter will serve as a valid Contract. (read more)
SEc. 45(4) and 9 B
Subject: SEc. 45(4) and 9 B
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Asked by: manali
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Date: March 16, 2023
Excerpt of answer:
The following questions would have to be addressed.1. Whether the deed of retirement was registered? 2. Whether the deed of retirement was acted upon? 3. Whether the accounts of the partners were settled? 4. Whether the firm can demonstrate through its books that the partners ceased to continue as a partner since April 01, 2017?… (read more)
sales vs 68
Subject: sales vs 68
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Asked by: BS
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Date: March 12, 2023
Excerpt of answer:
Advance received against the sales cannot be treated as cash credit u/s. 68. As sale were shown in books of account. If the Assessee has explained the source of cash deposits as well as genuineness of the transaction , addition cannot be made as cash credit. In the case of PCIT v. Montage Enterprises (P.)… (read more)
agricultural land
Subject: agricultural land
Category: 
Asked by: bks
Answered by:
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Date: March 12, 2023
Excerpt of answer:
In CIT v. Debbie Alrmao (2011) 196 Taxman 230/ 331 ITR 59 / 239 CTR 326 (Bpm)( HC) the Court held that if an agricultural operation does not result in generation of surplus , that cannot be a ground to say that the land was not used for agricultural purpose . In CIT v. Kalathingal… (read more)
Goodwill
Subject: Goodwill
Category: 
Asked by: Mithali Roy
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Date: March 9, 2023
Excerpt of answer:
please request your Chartered Accountant to study and brief you or you may send to taxman for pubishing they may prepare the and may publish in their website (read more)
RSU – Salary (Perq.) and Capital Gains (Loss)
Subject: RSU – Salary (Perq.) and Capital Gains (Loss)
Category: 
Asked by: vswaminathan
Answered by:
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Date: March 5, 2023
Excerpt of answer:
On vesting the FMV of the share would be considered as perq. and the employee would have to pay tax on the same. On the subsequent sale of the share, if the Sales consideration is less than the FMV, there would be a Capital loss. The provisions relating to set off and carry forward of… (read more)
56[2] vs partial partition HUF
Subject: 56[2] vs partial partition HUF
Category: 
Asked by: BKS
Answered by:
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Date: March 5, 2023
Excerpt of answer:
There is no straight-jacket answer to this question. It is possible for a member/non-member of the HUF to receive gifts from the HUF without attracting section 56(2) of the Income-tax Act, 1961, However, the constitution, nature of the gift and facts of the case have to be examined. A reasonable amount paid for the education… (read more)