Answers to queries on legal issues
block of asset | |
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Subject: | block of asset |
Category: | Income-Tax |
Asked by: | BKS |
Answered by: | Advocate Neelam Jadhav |
Tags: | Block of asset, Block of assets, depreciation |
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)
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mutuality | |
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Subject: | mutuality |
Category: | Income-Tax |
Asked by: | bks |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | club, Mutual Concern, Mutuality, Principle of mutuality |
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)
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Miscellaneous Application, Rectification of Mistake apparent from the record . | |
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Subject: | Miscellaneous Application, Rectification of Mistake apparent from the record . |
Category: | Income-Tax |
Asked by: | Chahal |
Answered by: | Research Team |
Tags: | ITAT, Limitation, Miscellaneous application, Rectification of Mistake apparent from the record, S. 254(2) |
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)
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What is the Surcharge Rate for AOP whose all members have income above taxable limits and shares of the beneficiaries are determinate | |
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Subject: | What is the Surcharge Rate for AOP whose all members have income above taxable limits and shares of the beneficiaries are determinate |
Category: | Income-Tax |
Asked by: | VINAY GOENKA |
Answered by: | Reply of the Expert is awaited; |
Tags: | rate of tax |
Date: | June 26, 2023 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
Validity of notice u/s 148 | |
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Subject: | Validity of notice u/s 148 |
Category: | Income-Tax |
Asked by: | Suresh Goyal |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Notice, Reassessment, validity |
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)
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Authority of State Tax Officer on matter related to CGST | |
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Subject: | Authority of State Tax Officer on matter related to CGST |
Category: | GST |
Asked by: | Sakshi Dokania |
Answered by: | Advocate C.B.Thakar |
Tags: | Central Tax Officer, GST, State Tax Officer |
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)
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Addition on the basis of noting found in search with customer | |
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Subject: | Addition on the basis of noting found in search with customer |
Category: | Income-Tax |
Asked by: | Prakash |
Answered by: | Research Team |
Tags: | addition, search, search assessment, statement |
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)
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Society redevelopment | |
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Subject: | Society redevelopment |
Category: | Income-Tax |
Asked by: | CA Subodh Vora |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | corpus, redevelopment, Rent, Society development |
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)
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does ESOP gives voting rights | |
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Subject: | does ESOP gives voting rights |
Category: | General Law, Income-Tax |
Asked by: | muskaan |
Answered by: | Research Team |
Tags: | ESOP, voting rights |
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)
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NRI transferring money to wife in India | |
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Subject: | NRI transferring money to wife in India |
Category: | Income-Tax |
Asked by: | Neel |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | amount transferred to wife, non-resident taxation, NRI |
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)
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