Answers to queries on legal issues
| Capital Gain Deposit Scheme | |
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| Subject: | Capital Gain Deposit Scheme |
| Category: | Income-Tax |
| Asked by: | Poli Reddy |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Capital Gain Deposit Scheme, Capital Gains |
| Date: | July 27, 2022 |
| Excerpt of answer: |
As per section 54/54F of the Income-tax Act, 1961 (Act), the amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for… (read more)
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| Subsidy received under PSI 2007 and Explanation 10 To Sec.43 | |
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| Subject: | Subsidy received under PSI 2007 and Explanation 10 To Sec.43 |
| Category: | Income-Tax |
| Asked by: | Prakash Kulkarni |
| Answered by: | Research Team |
| Tags: | Back word area, capital or revenue, Subsidy |
| Date: | July 26, 2022 |
| Excerpt of answer: |
: One has to study the scheme . As regards the Reliance Industries Ltd ( TM) 88 ITD 273 ( Mum) ( Trib) the matter is pending before Bombay High Court . Refer CIT v. Reliance Industries Ltd. (SC) Source : www.itatonline.org(CA NO 7769 of 2011 arising out of SLP (C) No 9860 of 2010… (read more)
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| GST ON PLOTTING SCHEME | |
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| Subject: | GST ON PLOTTING SCHEME |
| Category: | GST |
| Asked by: | KARAN SHAH |
| Answered by: | Advocate C.B.Thakar |
| Tags: | GST, plotting scheme of land |
| Date: | July 26, 2022 |
| Excerpt of answer: |
The sale of land is neither supply of goods or services as per entry 5 in Schedule III to the GST Act. Therefore, if the sale is considered to be sale of land even after plotting, then it will be outside scope of GST and no tax will be attracted. However, there are certain Advance… (read more)
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| Notice u/s 148 and 148A for A.Y 2013-14 | |
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| Subject: | Notice u/s 148 and 148A for A.Y 2013-14 |
| Category: | Income-Tax |
| Asked by: | Ruchi Bhansali |
| Answered by: | Reply of the Expert is awaited; |
| Tags: | Reassessment |
| Date: | July 26, 2022 |
| Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
| CPC System -TECH. glitches haunting as ever before honest tax payers , howsoever in a minority they are ! | |
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| Subject: | CPC System -TECH. glitches haunting as ever before honest tax payers , howsoever in a minority they are ! |
| Category: | General Law, Income-Tax |
| Asked by: | vswaminathan |
| Answered by: | Research Team |
| Tags: | CPC, CPC SystemCPC System, return |
| Date: | July 19, 2022 |
| Excerpt of answer: |
CPS system .We will not be able to answer . (read more)
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| Processing of Tax Return by CPC | |
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| Subject: | Processing of Tax Return by CPC |
| Category: | General Law, Income-Tax |
| Asked by: | vswaminathan |
| Answered by: | Research Team |
| Tags: | CPC, Processing of Tax Return by CPC, return |
| Date: | July 19, 2022 |
| Excerpt of answer: |
.Please write to the Author for clarification (read more)
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| SERVICE TAX ON ROYALTY | |
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| Subject: | SERVICE TAX ON ROYALTY |
| Category: | GST |
| Asked by: | KARAN SHAH |
| Answered by: | Advocate C.B.Thakar |
| Tags: | Royalty, service tax, service tax on royalty |
| Date: | July 17, 2022 |
| Excerpt of answer: |
When the lease is in name of A, how B can directly pay royalty to Government is not clear. It appears that the royalty may have been paid in name of A. Therefore, the basic liability of RCM falls upon A. It appears that B has also not paid RCM. You can ascertain above fact… (read more)
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| amount received on Family arrangement and partition of HUF | |
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| Subject: | amount received on Family arrangement and partition of HUF |
| Category: | Income-Tax |
| Asked by: | Prakash Kulkarni |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Family Arrangement, Family arrngement, Hindu Undivided Family, HUF, Partition |
| Date: | July 17, 2022 |
| Excerpt of answer: |
It is a well settled position in law that daughters have the same rights as sons in HUF property. Therefore, the daughter out of the second marriage will have the same rights as children from the first marriage with respect to the properties of the HUF. Furthermore, since all the members of the HUF are… (read more)
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| 271(1)c, Concealment penalty | |
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| Subject: | 271(1)c, Concealment penalty |
| Category: | Income-Tax |
| Asked by: | Omkar Shinde |
| Answered by: | Advocate Neelam Jadhav |
| Tags: | concealment, Concealment penalty, penalty |
| Date: | July 17, 2022 |
| Excerpt of answer: |
Depends on facts . Burden is on the assesseee to prove that there was no concealment . It is desirable to file a detail submission on facts to demonstrate that the claim is bonafide . In Price Waterhouse Coopers Pvt. Ltd. v. CIT (2012) 348 ITR 306/253 CTR 1/77 DTR 153/211 Taxman 40 (SC) the… (read more)
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| I got Summon notice From income tax department under section 131(1A) | |
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| Subject: | I got Summon notice From income tax department under section 131(1A) |
| Category: | Income-Tax |
| Asked by: | Rohit |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Notice, search assessment, Summon |
| Date: | July 17, 2022 |
| Excerpt of answer: |
Merely because a notice issued under section 131(1A) of the Income-tax Act, 1961 is not reflected on the portal does not mean the same is not genuine. As long as it contains a valid DIN, it should be presumed as genuine and should be addressed. (read more)
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