Answers to queries on legal issues
circular trading | |
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Subject: | circular trading |
Category: | Income-Tax |
Asked by: | bks |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | cash credits, circular trading |
Date: | January 29, 2023 |
Excerpt of answer: |
The facts of the case will have to be analysed further to provide a comment on the issue. Refer K. P. Abdul Majeed. v. ACIT (2019) 267 taxman 151 / 414 ITR 531 / 180 DTR 249 / 310 CTR 261 (Ker.)(HC), the theory of peak credit can be applied . The burden is on… (read more)
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45[2],proprietor converts proprietary business into LLP | |
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Subject: | 45[2],proprietor converts proprietary business into LLP |
Category: | Income-Tax |
Asked by: | BKS |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | conversion of proprietorship to an LLP |
Date: | January 29, 2023 |
Excerpt of answer: |
The transaction of conversion of proprietorship to an LLP is separate from the introduction of assets in the firm. Conversion will not have any tax implications. The introduction of assets in a firm will attract section 45(3) of the Act. (read more)
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148Ad[1] order | |
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Subject: | 148Ad[1] order |
Category: | Income-Tax |
Asked by: | BS |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Reassessment order, writ |
Date: | January 29, 2023 |
Excerpt of answer: |
This depends from case to case. If there is an incorrect assumption of jurisdiction, the same may be challenged by filing a Writ Petition before the jurisdictional High Court. One can also file a rectification application if there is an apparent mistake in the order. (read more)
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44AD | |
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Subject: | 44AD |
Category: | Income-Tax |
Asked by: | bs |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | business income, money lending licence |
Date: | January 29, 2023 |
Excerpt of answer: |
Section 44AD of the Act is for presumptive income from Business. The burden is on the assessee to prove that money lending is the business of the assessee. PCIT v. Mohan Bhagwatprasad Agrawal (2020) 425 ITR 119 / 270 Taxman 126 / 115 taxmann.com 69 / 270 Taxman 126 (Guj.)(HC) . Depends on facts of… (read more)
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Capital gain on sale of building used for commercial purpose along with plot of land | |
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Subject: | Capital gain on sale of building used for commercial purpose along with plot of land |
Category: | Income-Tax |
Asked by: | Vikas shah |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | building, depreciation, land |
Date: | January 28, 2023 |
Excerpt of answer: |
As we understand, the building was a business asset and depreciation was claimed. The Hon'ble Bombay High Court in the case of Meena V. Pamnani (Smt.) v. CIT (2017) 159 DTR 1/251 Taxman 100/( 2018) 404 ITR 548 (Bom) (HC) held that once depreciation is allowed on an asset it would remain a business asset… (read more)
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delay in paying taxes | |
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Subject: | delay in paying taxes |
Category: | Income-Tax |
Asked by: | BKS |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Delay in payment, IDS 16, VSVT |
Date: | January 28, 2023 |
Excerpt of answer: |
The time limit for settlement under VSVA and IDS is over. There is no amnesty scheme available to the assessee. (read more)
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Can High Court give directive for something not brought up in court ? | |
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Subject: | Can High Court give directive for something not brought up in court ? |
Category: | Income-Tax |
Asked by: | Aish |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Direction, High Court |
Date: | January 24, 2023 |
Excerpt of answer: |
Yes, if other conditions are satisfied, an assessee would be allowed to settle an appeal under VSVA. The settlement is appeal-wise and not issue-wise. Assuming the appeal of the revenue before the ITAT was condoned. The assessee could still settle the revenue under VSVA and would be subjected to the same liability. (read more)
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Reassessment proceedings U/s148 on the basis of non payment towards IDS declaration | |
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Subject: | Reassessment proceedings U/s148 on the basis of non payment towards IDS declaration |
Category: | Income-Tax |
Asked by: | Nitin Goyal |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | IDS declaration, Reassessment |
Date: | January 16, 2023 |
Excerpt of answer: |
Yes, the action of the Assessing Officer is valid. The Hon'ble High Court of Calcutta in the case of PCIT v. Manju Osatwal (2022) 433 ITR 107 (Cal) (HC) held that once a declaration made by the assessee under Income Declaration Scheme, 2016 (IDS) has been accepted by Principal Commissioner, such authority is estopped from… (read more)
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Sec.68 and Cash deposits in demonetisation period | |
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Subject: | Sec.68 and Cash deposits in demonetisation period |
Category: | Income-Tax |
Asked by: | Neha |
Answered by: | Reply of the Expert is awaited; |
Tags: | cash credits, demonetisation, Section 68, Unexplained cash credit |
Date: | January 16, 2023 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
153A vs 153C | |
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Subject: | 153A vs 153C |
Category: | Income-Tax |
Asked by: | bks |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Notice, Search and Seizure, search assessment |
Date: | January 13, 2023 |
Excerpt of answer: |
There is no bar on the issuance of a Notice under section 153C of the Act. The only condition is that the assessments must complete within the prescribed time under section 153B of the Act. (read more)
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