Answer: As per available information I opine as under:- 1. ITC will be required to be revered from common ITC on above future and option transactions. 2& 3 The value of securities in future transaction should be taken at notional value. 4 In case of Index Future, the value should be the Index value. 5.… (read more)

The Hon'ble Gujarat High Court in the case of CIT v. Abdul Rahim Khan M. Pathan [2000] 243 ITR 409 (Guj)(HC) held that the expression expression ‘child’ which included step-child. Based on the same above principle, the term "brother" should also include "step-brother" for the purpose of relative. (read more)

It is advisable to fill form 4 and see if the Department is raising any objection against the same. If they do raise any objection, the assessee has no remedy other than filing a Writ Petition. (read more)

Where the Partition deed of HUF transfers any property, immovable or movable, it is advisable to register the same. (read more)

A Miscellaneous Application under section 254(2) of the Income-tax Act, 1961 can be filed within 6 months from the end of the month in which the order of the Tribunal was received. There is no statutory remedy for condonation of delay in filing a Miscellaneous Application. In some states, the applicant would have to file… (read more)

It is important to understand that prior to introduction of 56(2)(x) of the Income-tax Act, 1961 there was section 56(2)(vii) of the Act which covered the issue of variance in consideration for immovable property from the Stamp Duty value of the said property. (read more)

The transaction is an exchange and hence a "transfer" as per section 2(47) of the Income-tax Act, 1961 (Act). The assessee gets deduction under section 54 of the Act and thus there is no tax liability. If the assessee has transferred tenancy rights or a commercial property, he may not get deduction under section 54… (read more)

The queriest may have to write to CBDT and get the clarification . Answer has been given to the best of ability and understanding (read more)

This query is about administrative procedure. In my opinion paying pre-payment from partner account is correct as firm is not operative. In appeal or subsequently a letter should be written informing authority that since the firm is dissolved the amount of part-payment is made on partner’s account bearing no. ________. Further, it should be clarified… (read more)

Your understanding is not incorrect. However, there is no judicial precedent to buttress your contention. The argument will be tested before the Courts in the next few years. (read more)