As the shareholder receives a consideration higher than the FMV of the shares. Therefore, there is no inadequate consideration or indirect gift. Therefore, section 56(2)(x) of the Act will not apply. (read more)

Mr. A should furnish a copy of the return of income of Mrs. A and demonstrate that the income has already been taxed in her hands. File rectification application and thereafter Revision application . If no action is taken the assessee can file writ before High Court. (read more)

As the days of grace is statutorily provided in the specified labour law, the same should be allowed. (read more)

The assessee has to file writ before the High Court . In Parappurathu Varghese Mathai and Sarakutty Mathai v. PCIT (2020) 428 ITR 79 / 193 DTR 337 / 316 CTR 833 (Bom.)(HC) the court held that the opportunity must be given to the assessee. If the assessment is over the Court may not entertain… (read more)

Jurisdictional issue is not curable defects . The assessee should have filed the writ before the High Court challenging the notice . If the notice is not challenged the assessee must take objections before the Assessing Officer in the course of assessment proceedings . In Bal Chand Jain & Sons v. DCIT (2014) 221 Taxman… (read more)

The assesseee can file an application under section 154 of the Act . In case the said application is rejected the assessee may have to file writ before the High Court . (read more)

Depends on the facts of the case and clauses in the agreement . Capital gain is chargeable on handing over of possession . In PCIT v. Talwalkars Fitness Club. (2018) 409 ITR 37 (Bom.)(HC) the Court held that Vendor was in possession till total consideration was paid . Transfer is not complete though the agreement… (read more)

Refer PCIT v . Batliboi Environmental Engineering Ltd. (2022)446 ITR 238 (Bom) (HC) dismissing the appeal of the Revenue the Court held that debts barred by limitation do not cease to be debts . Not to be treated as income . referred , CIT v. Indian Rayon and Industries Ltd ( 2011) 336 ITR 479(… (read more)

Section 36(1)(va) is applicable to any sum received by the assessee from any of his employees too which the provisions of sub -clause (x)) of clause (24) of section 2 apply . Section S. 2(24)(x)) covers only contribution to any Provident fund or superannuation fund etc , however professional tax is not covered hence provision… (read more)

The Limited Liability Partnership Act, 2008 does provide for merger or restructuring of two LLPs through the National Company Law Tribunal’s approval process. However, the Income-tax Act, 1961 does not provide any specific exemption for demerger of LLPs as it does for demerger of companies. Then again, if the transaction is tax neutral, there would… (read more)