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)

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)

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)

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)

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)