Answers to queries on legal issues

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block of asset
Subject: block of asset
Category: 
Asked by: BKS
Answered by:
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Date: June 29, 2023
Excerpt of answer:
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)
mutuality
Subject: mutuality
Category: 
Asked by: bks
Answered by:
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Date: June 29, 2023
Excerpt of answer:
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)
Miscellaneous Application, Rectification of Mistake apparent from the record .
Subject: Miscellaneous Application, Rectification of Mistake apparent from the record .
Category: 
Asked by: Chahal
Answered by:
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Date: June 27, 2023
Excerpt of answer:
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)
What is the Surcharge Rate for AOP whose all members have income above taxable limits and shares of the beneficiaries are determinate
Subject: What is the Surcharge Rate for AOP whose all members have income above taxable limits and shares of the beneficiaries are determinate
Category: 
Asked by: VINAY GOENKA
Answered by: Reply of the Expert is awaited;
Tags:
Date: June 26, 2023
Excerpt of answer: Reply of the Expert is awaited. Please check back later
Validity of notice u/s 148
Subject: Validity of notice u/s 148
Category: 
Asked by: Suresh Goyal
Answered by:
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Date: June 26, 2023
Excerpt of answer:
I don't think that should be a reason to hold the Notice under section 148 of the Act as invalid as the assessee has already been issued a show cause notice under section 148A(b) of the Act, the assessee's objections are recorded and a reasoned order is passed under section 148A(d) of the Act. (read more)
Authority of State Tax Officer on matter related to CGST
Subject: Authority of State Tax Officer on matter related to CGST
Category: 
Asked by: Sakshi Dokania
Answered by:
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Date: June 23, 2023
Excerpt of answer:
As per law both officers have jurisdiction for taking actions. However practically the double proceedings can be avoided by informing the authorities to avoid double proceeding. Reference can be made the judgment of Allahabad High Court Ajay Verma Vs Union of India (WRIT TAX no 1169 of 2021 dated 09.02.2022). In this judgment the legal… (read more)
Addition on the basis of noting found in search with customer
Subject: Addition on the basis of noting found in search with customer
Category: 
Asked by: Prakash
Answered by:
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Date: June 23, 2023
Excerpt of answer:
The assessee should ask for copy of the statement recorded and also copy of excel sheet seized . The assessee should request for cross examination of the CFO. Merely on the basis of statement , addition cannot be made. Refer Krishna D. Pawar v. ITO ( Mum)( Trib) www.itatonline .org . ( ITA No. 151… (read more)
Society redevelopment
Subject: Society redevelopment
Category: 
Asked by: CA Subodh Vora
Answered by:
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Date: June 22, 2023
Excerpt of answer:
Section 194IC of the Act is only applicable for transactions undertaken under section 45(5A) of the Act. We do not think that is your case. As we understand, section 54 of the Act is attracted in the case of a redevelopment of a residential building and the excess sum received in cash, if any, is… (read more)
does ESOP gives voting rights
Subject: does ESOP gives voting rights
Category:  ,
Asked by: muskaan
Answered by:
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Date: June 22, 2023
Excerpt of answer:
The equity shares granted under the Employee’s Stock Option Plan to an employee comes with a vesting period. It is only after the vesting period has ended and the employee has exercised his right to convert the option into shares (at an exercise price), the employees get voting rights along with title of the shares… (read more)
NRI transferring money to wife in India
Subject: NRI transferring money to wife in India
Category: 
Asked by: Neel
Answered by:
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Date: June 22, 2023
Excerpt of answer:
It is advisable to have a gift deed in place. The amount received by your wife should be shown in her income computation as a gift exempt from tax as it is received from her relative. (read more)