If an Assessee is not able to utilize the entire amount of capital gains on or before the due date of filing of return for the year in respect of which such capital gains arose. In such a situation, sub-section (2) of section 54 by provided for the deposit of unutilized funds in a Capital… (read more)

As long as the assessee is able to demonstrate that the loan borrowed was applied for the acquisition of the capital asset the interest cost would be added to the cost of the asset. Whether the loan was a personal loan or housing loan, would not make a difference. (read more)

The query is incomplete. We would have to understand if there is an allegation of an accommodation entry or an order of SEBI. Also, when were the reassessment proceedings initiated? (read more)

The Bombay High Court in Kiran Baburao Vanjari vs M/S. Goregaon Unnati Chs Ltd Letters Patent Appeal No- 202 of 2011 in WP No. 7389 of 2008 wit CA No. 272 of 2011 , dt. 28 -8 -2011 (Bom) (HC) has held that that 100% majority is not required for redevelopment of the building. Once… (read more)

Leave encashment is taxed in the year it is received by an employee. As the querist has not yet received the leave encashment, he will be eligible to avail the benefit of the new limit of Rs 25,00,000/- for taxation purposes. However, it is pertinent to note that leave encashment received by a government employee… (read more)

Irrespective of whether the shares are listed or unlisted, LTCG on the sale of foreign shares is taxed at 20% tax with the benefit of indexation as per section 112 of the Act. Yes, set off of losses on the sale of shares in India would be allowed to the assessee. (read more)

Section 2(11) of the Act , defines the block of assets . In the block of assets concept , the use of individual assets for the purpose of its business can be examined only in the first year when the asset is purchased and subsequent years’ use of a block of assets. The existence of… (read more)

The principle of mutuality postulates that all the contributors to the common fund must be entitled to participate in the surplus and that all the participators in the surplus are contributors to the common fund. However, a club is not bound to follow such a principle. (read more)

As per section 254(2) , the rectification application may have to be filed within six months from the end of the month in which the order was passed . In Anil Kumar Nevatia v. ITO (2021)434 ITR 261/ 203 DTR 92/ 278 Taxman 235 / 321 CTR 368 (Cal) (HC) held that the Limitation period… (read more)