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)

In Oerlikon Balzers Coating India (P.) Ltd. v. UOI (2023) 294 Taxman 5 / 333 CTR 337 (Bom.)(HC) dealing with the filing of declaration under Direct Tax Vivad Se Vshwas Act, 2020 the Court held that pendency of miscellaneous application before the Tribunal is also pendency of appeal . Accordingly the assessee may contend that… (read more)

Provision of section 50C is very clear it is not applicable to gift . Section 47 (iii)) also makes it very clear that gift is not transfer . When section 45 is not applicable , provision of section 50C is also not applicable . We are not able to find any reported case laws on… (read more)

Plase explain the meaning of EDC and IDC account m and why it is collected . The expert can answer only on getting the calrification (read more)