As we understand XYZ is not acting on behalf of an enterprise and has, and does not habitually exercise, in India, an authority to conclude contracts in the name of the ABCD, then there is no risk of Agency PE in India. Dividends received from a foreign company will be included in the total income… (read more)

Please refer earlier answer on then subject (read more)

No, such transfer does not attract any Capital Gains on the continuing Partners as neither section 9B nor section 45(4) of the Income-tax Act, 1961 (Act) is attracted. Property” for the purpose of section 56(2)(x) of the Act is specifically defined under clause (d) of the Explanation to clause (vii) of section 56 (2) of… (read more)

There is a twin condition to be satisfied for a land to not be recognized as a capital asset i.e., 1. It has to be agricultural land. 2. It has to be situated in a rural area. Now, As the conditions for not treating land as rural agricultural land under section 2(14)(iii) of the Income-tax… (read more)

The addition is made in the hands of Mr. B based on the information received from the sub-registrar Mumbai. Further, it is pertinent to understand that registration of a document is a mere formality and the date of execution of the same must be taken into consideration. Therefore, the Stamp Duty value as on the… (read more)

From query it appears that it is in the background of AR in Bowring case vis-a-vis amendment in section 7 and others effected in 2021. While giving AR in above case dated 22.04.2021, the Ld. AAR has applied concept of Mutuality noting that though there is amendment, it is still not made effective. However, the… (read more)

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)